Law Notes March 19

If deal is arranged for monday than you dont have to

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If deal is arranged FOR Monday, than you don’t have to accept anything before that – must say you’re enclosing a deal Anticipatory breach/repudiation : you can’t speed things up, but if you’ve got clear evidence that the other side will back out, than that discharges you – but this is your choice (must give notice of liability – you can’t sit back; must make a decision – declare the other party in breach – discharges injured party the duty to perform – BUT non-breaching party must wait until performance is due to see whether the person to breach will retract breach and perform duties If you know that other party is going to breach, you must warn that party first before trying to set a new agreement Novation : a substituted contract involving a new third-party promise or promisee * Life contracts don’t have to be put out in writing Commercial impractibility : does not have to be impossible, but if the cost of performance is not equivalent to rewards – Northern Corp. v. Chugach Electrical Association When people die from contract, contract can cease to continue – discharged b/c not liable anymore – alternative means were never contemplated in North Corp. case
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