Chapter 20 - 1. 2. 3. 4. 5. Chapter 20: Discharge and...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 20: Discharge and Remedies 1. Discharged Party: when a party’s obligation under a contract are terminated the party is said to be discharged 2. Circumstances Resulting in Discharge of Contract a. Occurrence or non occurrence of a condition b. Complete or substantial performance c. Material breach: Occurs when party unjustifiably fails to substantially perform his obligations under contract d. Mutual agreement e. Operation of law 3. Types of Conditions a. Condition Precedent: Particular event that must occur for a party’s duty to arise b. Condition Subsequent: Future even that terminates obligations of parties when it occurs c. Concurrent Conditions: Each party’s performance conditioned on simultaneous performance of the other d. Express Condition: Condition explicitly state in contract (usually preceded by words such as “conditioned on”, “if”, “provided that”, or “when”) e. Implied Condition: condition not explicitly stated, but inferred from nature and language of contract 4. Discharge by Performance a. Tender: offer of performance, being ready, willing and able to perform b. Types of Performance b.i. Complete Performance: Occurs when all aspects of parties’ duties under contract are carried out perfectly b.ii. Substantial Performance: Occurs when: b.ii.1. Completion of “nearly all” terms of agreement b.ii.2. Honest effort to complete all terms; and b.ii.3. No “willful departure” from terms of agreement 5. Anticipatory Repudiation: party decides before the actual time of performance, not to complete contract obligations a. Often occurs when market conditions change and one party realizes it will not be profitable to fulfill terms of contract
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/27/2012 for the course BLS 442 taught by Professor Staff during the Spring '12 term at Miami University.

Page1 / 4

Chapter 20 - 1. 2. 3. 4. 5. Chapter 20: Discharge and...

This preview shows document pages 1 - 2. Sign up to view the full document.

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