BUS 393 Lecture Notes - Lecture 4: Syllogism, Fiduciary, Consequential Damages

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Once the contract is formed, it can come to an end or be discharged by: An agreement between the parties to end it or modify it. When both parties have satisfactorily or properly completed their obligations under the contract, the contract is discharged. If i agreed to buy hardwood flooring from you for ,000, and you delivered it to me. I pay you for the contracted amount, then we have both completed our obligations under the contract. This will bring our contract to an end. If one party does not perform all the terms under their contract, we need to determine which of the two types of terms in the contract the party failed to perform. The breach gives the claimant the right to terminate contract and claim damages for losses up to termination and beyond (loss of bargain ) Warranties (minor) non-essential or subsidiary term. The breach of which yields no right to termination.

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