BL 260 Chapter Notes - Chapter 18: Standard Grade, Collet
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Most common: by performance (complete performance; both parties did what they had to do) Performance dictates: party"s duties, when contract ends, and when a party breaches. Ex: uncle bill will pay nephew to have lunch for two years. Sometimes, an event must happen or not happen before duty to perform exists. Builder contracts with landowner to build a house. Plumbing must be well-galvanized pipe, standard grade, reading brand. Builder uses different, but equivalent, brand of pipe, and performs all other requirements. Contract to buy a house can be conditioned on inspection, or obtaining a mortgage. Jack agrees to buy ann"s cell phone for if jack"s next paycheck is at least . A singer agrees to perform at an outdoor concert unless it rains that day. Depends on the nature of the failure in performance. If both parties perform completely, contract is discharged. If one party performs completely, can enforce contract against other party.
