Discharge of Contractual Obligations

Discharge of Contractual Obligations - Discharge of...

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Discharge of Contractual Obligations I. Discharge of Contractual Obligations and Breach A. Performance. 1. Under the doctrine of substantial performance, if there has been: a. Good faith effort to render full performance and b. The defect in performance is minor and c. The person rendering substantial performance is willing to deduct an equivalent amount from the consideration. Ex. Construction contract 2. Objective impossibility could occur when: a. The subject matter specified in the contract has been destroyed. b. The subject matter is now illegal c. Death of a person Note: Subjective impossibility does not destroy a contract (i.e. the cost of performing the contract has increased). In 1970, Westinghouse entered into long-term fixed price contracts to supply a form of refined uranium commonly known as “yellow cake” to utility companies across the U.S. for $8/pound.
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