Management and Organizational Studies 2275A/B Lecture Notes - Lecture 3: Syllogism, Life Insurance, Consumer Protection

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Termination of contracts: an overview contracts can be terminated through: Frustration: when an important, unforeseen even occurs such as destruction of the subject matter or death/incapacity of one party. Breach: signi cant= termination, less signi cant= damages only. Termination through performance: contract is performed when all of its implied and express promises are ful lled. Parties might agree to. : enter into a whole new contract. Novation: the substitution of parties in a contract or the replacement of one contract with another: vary certain terms of the contract party bene ting from the variation must provide consideration to the other side. 4 factors that govern whether an event frustrates the contract: Not arise due to the fault of the parties. Make the purpose of the contract either impossible or drastically more dif cult to achieve. Privity of contract - prove there was a contract. Breach of contract- prove defendant failed to keep promise.