BLS 342- Final Exam Notes

BLS 342- Final Exam Notes - 11/15 Ch. 20 Start of notes for...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
11/15 Ch. 20 – Start of notes for the Final. Know when to perform / when you don’t have to perform(discharge) Circumstances Resulting in Discharge of Contract - Occurrence or non-occurrence of a condition - Complete or substantial performance - Material breach – something of substance of a breach (his definition) - Mutual Agreement - Operation of Law Types of Conditions - Condition Precedent: Particular event that must occur for a party’s duty to arise (obligation is delayed or relieved until the happening of a certain event) - Condition Subsequent: Future event that terminates obligations of parties when it occurs. The performance obligation is terminated after the occurrence of a certain event (tells us when we can stop performing) - Concurrent Conditions: Each party’s performance conditioned on simultaneous performance of the other (happens in those daily contracts…buying food/clothes) - Express Condition: Condition explicitly state in contract (usually written or oral… preceded by words such as “conditioned on”, “if”, “provided that”, or “when”) - Implied Condition: Condition not explicitly stated, but inferred from nature and language of contract. (time for performance, details of performance) Condition – a contract condition will either delay or relieve a parties obligation of performance based upon whether an even happens or fails to happen. Types of Performance When you are allowed to stop performing, you are discharged from your obligation to the
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
contract. 1. Complete performance : (=complete discharge from their duty to perform) Occurs when all aspects of parties’ duties under contract are carried out. o Tendered Performance: Offering to pay the full amount due. o UCC – Perfect tender or nothing. “perfect tender rule” Breach – one party does not do what they promise (material breach v. substantial performance) - Material Breach: nonperformance that significantly impairs the aggrieved party’s (injured party’s) right under the contract. Material Breach = discharge for the non-breaching party An important element of the contract is not included If the breach is intentional (one party just refuses to perform) - Substantial Performance 2. Substantial Performance : - There are no important elements of the contract missing. - Does NOT discharge non-breaching party. Maybe there is a deduction in the other party’s performance because of the missing pieces, but both are still obligated to perform. 11_22_2010 Know When To Perform Discharge by Performance: Know When You Don’t HAVE To Perform - The issue of “discharge” o To “discharge” your duty = when they have performed all of their duties. Test: Hire a guy to paint your house, agree to pay money for him to paint your house.
Background image of page 2
- If the guy keeps saying, “no can’t paint it tomorrow, maybe tomorrow”…how long does this have to go on, how long are you obligated to pay him if he performs? Obviously won’t last forever, “reasonable” time period, maybe a week.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 22

BLS 342- Final Exam Notes - 11/15 Ch. 20 Start of notes for...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online