Lecture 6 BFA601 Semester 1 2018.pptx

What if the other party refuses access to a party

Info icon This preview shows pages 8–15. Sign up to view the full content.

View Full Document Right Arrow Icon
What if the other party refuses access to a party? Quantum meruit may be the appropriate action Does the contract make any provision for non performance? Quantum meruit (6.6) Quantum meruit (6.6)
Image of page 8

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

View Full Document Right Arrow Icon
Discharge of Contract and Remedies for Breach of Contract Discharge of Contract and Remedies for Breach of Contract The contract itself may state the importance of time as part of the contract, and further set the penalties for breach of time Time may be a warranty or a condition, depending on what is stated in the contract, eg is time ‘of the essence’ in performance? Time for performance of contract (6.8) Time for performance of contract (6.8)
Image of page 9
Discharge of Contract and Remedies for Breach of Contract Discharge of Contract and Remedies for Breach of Contract Discharge by agreement: A term of a contract when activated may occur as a result of an event, which causes the contract to come to an end The parties may enter a separate agreement to discharge the contract, this requires consideration, offer and acceptance Discharge by agreement (6.9) Discharge by agreement (6.9)
Image of page 10

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

View Full Document Right Arrow Icon
Discharge of Contract and Remedies for Breach of Contract Discharge of Contract and Remedies for Breach of Contract A contract may be brought to an end by a ‘condition subsequent’ in the contract, ie the occurrence of an event ends the contract. Discharge by a term in the contract (6.10) Discharge by a term in the contract (6.10)
Image of page 11
Discharge of Contract and Remedies for Breach of Contract Discharge of Contract and Remedies for Breach of Contract Various legal situations may emerge which end the contract, e.g. mergers, bankruptcy or illegality. Alteration of a document will discharge a contract if it is of a substantial nature defeats the party relying on the alteration. Croockewit v Fletcher (1857) Discharge by operation of law (6.11) Discharge by operation of law (6.11)
Image of page 12

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

View Full Document Right Arrow Icon
Discharge of Contract and Remedies for Breach of Contract Discharge of Contract and Remedies for Breach of Contract If a party to a contract refuses or fails to perform their obligations, they commit a breach of contract – the other party can treat the contract discharged for breach. Much depends on whether the breach is major or not, and whether the other party chooses to repudiate it. Discharge operates prospectively, not retrospectively Discharge by breach of contract (6.10) Discharge by breach of contract (6.10)
Image of page 13
Discharge of Contract and Remedies for Breach of Contract Discharge of Contract and Remedies for Breach of Contract Breach must be of a condition and not a warranty for discharge Question: was an innocent party substantially deprived of the benefit of the contract? If a party appears about to breach – the other party can anticipate this and end the contract on a repudiatory breach of contract.
Image of page 14

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

View Full Document Right Arrow Icon
Image of page 15
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern