ACTG 2P40 Lecture Notes - Lecture 8: Fairy, Punitive Damages, Gie

• School: Brock University
• Department: Accounting
• Course: ACTG 2P40
• Professor: Tommy Wall

Document Summary

How breach may occur: repudiation and anticipatory breach. Repudiatio(cid:374): (cid:449)he(cid:374) a pa(cid:396)t(cid:455) does(cid:374)"t fulfill thei(cid:396) e(cid:374)d of the (cid:271)a(cid:396)gai(cid:374) (cid:862)so(cid:396)(cid:396)(cid:455) (cid:271)ut (cid:449)e a(cid:396)e goi(cid:374)g to (cid:271)e i(cid:374) (cid:271)(cid:396)ea(cid:272)h(cid:863) Right at the time for fulfillment (due date) E(cid:454)a(cid:373)ple: ba(cid:396)(cid:271)ie supplie(cid:396) (cid:272)all (cid:449)eek (cid:271)efo(cid:396)e sa(cid:455)i(cid:374)g (cid:862)(cid:449)e (cid:272)a(cid:374)"t pe(cid:396)fo(cid:396)(cid:373)(cid:863) Breaching party possibly not sustaining any damages: one party renders. Self-induced frustration = breach: one party fails to perform. Ti(cid:373)e fo(cid:396) pe(cid:396)fo(cid:396)(cid:373)a(cid:374)(cid:272)e goes a(cid:374)d supplie(cid:396) does(cid:374)"t fulfill (cid:272)o(cid:374)t(cid:396)a(cid:272)t. Substantial performance: where the majority of the contractual elements have been performed, minor breach. E(cid:454)a(cid:373)ples: a (cid:272)lause o(cid:396) p(cid:396)o(cid:448)isio(cid:374) that atte(cid:373)pts to li(cid:373)it/e(cid:454)e(cid:373)pt a pa(cid:396)t(cid:455)"s lia(cid:271)ilit(cid:455) i(cid:374) the event of a breach. Will only be effective: entered into voluntarily, exemption or limitation from liability is reasonable. Examples: will never save a party from liability if they are in fundamental breach. Examples: if we breach this contract our damages are going to be limited to 3$ per doll, contract breached, voluntary.