Chapter 8 Business & Consumer Law

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Department
Marketing and Consumer Studies
Course
MCS 3040
Professor
Joseph Radocchia
Semester
Fall

Description
Chapter 9 Termination & Enforcement of Contracts There are several ways a contract can be terminated 1. Termination through Performance  A contract is performed when all of its express or implied promises have been fulfilled  When contract is terminate dit doesn’t mean the commercial relationship has ended  May continue the relationship Performance by others  When a corporation enters into a contract to provide goods & services, it is by necessity work through employees/agents  Since employees/agents are not party to the contract they cant sue or be sued  Mays still be liable through tort Vicarious Performance: performance of contractual obligations through others  Can use this as long as personal performance of the contracting individual is not an express or implied term of a contract Termination by Agreement By Agreement between parties Parties may enter into an agreement that is unfavorable for 1 or both of them. They may decide too… A. Enter into new contract Novation: The substitution of parties in a contract or the replacement of 1 contract with another  If both parties benefit from the agreement it will be enforceable by court as new contract B. Vary certain terms of the contract  Most times the party seeking the variation will owe consideration to the other party C. End contract D. Substitute a party  Can transfer rights & obligations to someone else Transfer of contractual rights  A party that wants to end their involvement in a particular contract has the option – sometimes – transfer it to someone else Assignment: The transfer o
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