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

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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
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