BLAW 2013 Lecture Notes - Lecture 18: Condition Precedent, Life Insurance, Rescission
21 Mar 2017
School
Department
Course
Professor
Document Summary
Promise of performance= absolute promise (not conditioned/ quali ed: condition: quali cation in contract based on possible future event. Occurrence & non-occurrence=> decide obligation/ termination of contract. Condition not satis ed= obligation discharged: condition precedent. Most common condition speci cally stated in contract. Not have enough money to buy a car w/o loan, but no time to go to bank and get a loan in situation. => able to sign contract upon a condition of getting loan (court"s protection: performance: accomplished by tender(: unconditional offer to perform by person who is ready & willing to do) Usually: end contract w. required performance (in contract: complete performance. When party performs exactly as agreed (perfectly performed: substantial performance. Party in good faith performs substantially all of terms of contract. Substantially complete performance=> cannot discharge contract: e. g. ) => customer must pay even if the building= not exactly same as the order (as long as the differences is insuf cient & trivial)
