BUS 410 Study Guide - Midterm Guide: Anticipatory Repudiation, Rescission
29 Mar 2016
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4 types of discharge of contract: (don"t need to specifically identify types of discharge) Discharge of contracts conditions precedent (and subsequent) Discharge by occurrence or failure of a condition. There can be conditions in a contract. If the condition(s) are not met, the contract can be discharged. Condition precedent a condition that must be met that precedes the other party"s obligation to perform: ex: most medical insurance contracts have a condition precedent. If you fail to notify within 48 hours, the contract is discharged because you failed to meet the condition precedent: ex: buying of a house. You sign a house contract which says you"ll buy the house subject to an inspector"s report/recommendations. You sign a house contract that says you"ll buy it if you can get financing. You sign a house contract that says you"ll buy it the house actually appraises at the value you"re going to pay. If these conditions are not met, the contract can be discharged.
