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Contracts performance

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Contracts performance

Contracts performance

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  • 1. Contracts Performance and Discharge
  • 2. Introduction
    • How does a party know when his or her obligations under the contract are at an end?
    • A party may be discharged from a valid contract by:
      • A condition occurring or not occurring.
      • Full performance or material breach by the other party.
      • Agreement of the parties.
      • Operation of law.
  • 3. §1: Conditions
    • Possible future event, the occurrence or nonoccurrence of which will trigger the performance of a legal obligation or terminate an existing obligation under a contract.
  • 4. Conditions
    • Types of Conditions:
      • Conditions Precedent.
      • Conditions Subsequent.
      • Conditions Concurrent.
        • Express.
        • Implied in Fact.
        • Implied in Law.
  • 5. §2: Discharge by Performance
    • The contract comes to an end when both parties fulfill their respective duties by performing the acts they have promised.
    • Types of Performance:
      • Complete Performance.
      • Substantial Performance (minor breach).
      • Performance to the Satisfaction of One of the Parties or a Third Party.
    • Case 16.1: Jacobs & Young v. Kent (1921).
  • 6. Material Breach of Contract
    • Breach of Contract - the nonperformance of a contractual duty.
    • Material breach occurs when there has been a failure of consideration. Discharges the nonbreaching party from the contract.
  • 7.
    • In a non-material breach, the duty to perform is not excused and the non-breaching party must resume performance of the contractual obligations undertaken.
    • Case 17.2: Van Steenhouse v. Jacor Broadcasting of Colorado, Inc. (1998).
    Material Breach of Contract
  • 8. Anticipatory Repudiation
    • If before performance is due, one party refuses to perform his or her contractual obligation.
    • Results in material breach.
  • 9. Anticipatory Repudiation
    • The nonbreaching party should not be required to remain ready and willing to perform when the other party has repudiated the contract.
    • The nonbreaching party should have the opportunity to seek a similar contract elsewhere.
    • Time For Performance.
      • Case 16.3: Manganaro Corp v. Hitt Contracting Inc. (2002).
  • 10. §3: Discharge by Agreement
    • Discharge by Rescission.
    • Discharge by Novation.
      • Previous Obligation.
      • All parties agree to new contract.
      • Extinguishment of old obligations.
      • New Contract Formed.
    • Discharge by Substituted Agreement.
    • Accord and Satisfaction.
  • 11. §4: Discharge by Operation of Law
    • Alteration of The Contract.
    • Statutes of Limitations.
    • Bankruptcy.
    • Impossibility or Impracticability. 
  • 12. Impossibility or Impracticability of Performance
    • Objective Impossibility of Performance.
      • Death or incapacitation prior to performance;
      • Destruction of the Subject Matter; or
      • Illegality in performance.
    • Commercial Impracticability.
      • Key: Circumstances not foreseeable.
      • Case 16.4: Cape-France v. Estate of Peed (2001).
    • Frustration of Purpose.
    • Temporary Impossibility.

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