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Lecture 10

LAW 122 Lecture Notes - Lecture 10: Specific Performance, Expectation Damages


Department
Law and Business
Course Code
LAW 122
Professor
Jane Monro
Lecture
10

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LAW 122: Lecture 10
Chapter 11: Discharge & Breach
Discharge
When the parties are relieved of the need to do anything more under the contract
Discharge By Performance
Performance occurs when parties fulfill all obligations contained in the contract
Generally, time is not of the essence and a contract can be completed past the date
set in the contract, however, one party may be held liable if the delay caused the
other party a loss
In some situations time is essence, in which case late performance can be refused
If payment method is not stated in the contract, you must pay in cash
Legal tender is exact cash (not over or under)
Tender of Payment
The debtor has the primary obligation of locating the creditor and tendering
(offering) payment, even if the creditor has not asked for the payment
Unless a contract states otherwise, a creditor can insist on receiving legal tender
Despite the usual rule, a debtor does not have to actually tender payment if it
would obviously be refused
Tender of Performance
Tender of performance is usually effective only if the goods or services conform
precisely to the terms of the contract
However, parties can be discharged from contractual obligations if substantial
performance is rendered
oSubstantial performance generally satisfies the contract but is defective or
incomplete in some minor way
Discharge by Agreement
Option to terminate
oContractual provision that allows one or both parties to discharge a contract
without the agreement of the other
Condition Subsequent
oThe agreement will be terminated if a certain event occurs
True Condition Precedent
oAn agreement will come into existence only if & when a certain event occurs
Condition Precedent
oWhile a contract is formed immediately it does not have to be performed
unless and until a certain event occurs
Recession
oAn agreement reached to end the contract after the contract has been created
oOccurs when the parties agree to bring their contract to an end
Executory –A party of the contract has not fully performed its obligations under
the contract
Executed –A party of the contract has fully performed its obligations under the
contract
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