ACCT%203151%20Business%20PP5

ACCT%203151%20Business%20PP5 - Performance of contracts...

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Unformatted text preview: Performance of contracts Entire contracts: total performance / substantial performance (quantum merit payment) So how much % is needed to have been performed? No exact answer. Severable contracts: performance and payment in accordance with the contracts Frustration Unexpected events? Performance made impossible? Self-induced? Legally recognized frustrating events? Any remedy? What are the legally recognized frustrating events? Change of laws Government decisions Where the subject matter of the contract no longer exist Where the expected contractual event does not happen What are the legally recognized frustrating events? Where the party who has to perform the contract becomes incapable of performing it Natural disaster Unexpected significant increase of cost in completing the contract A has already paid for the ticket he can get the ticket back B has promised to pay for the ticket the singer cannot demand him to pay for a ticket to see any re-arranged concert C has bought a air ticket to see the concert no compensation to C The singer has been given costumes for the concert the costumes can be recovered What will happen if a singer has to cancel a concert due to her sickness? ...
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