AFM231 Lecture Notes - Lecture 7: Standard Form Contract, Syllogism, Fundamental Breach

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM231
• Professor: Darren Charters

Document Summary

Exams and then you can see the exams and the answer keys. Note- issues raised in asking each question aren"t mutually exclusive nor contradictory. A person might argue there isn"t a valid contract as a defense but also argue that if it is valid, they complied with the terms. Yes- various ways this can occur if done by agreement. If contract silent, all parties must agree: novation talks about how a contract can be ended. We will rip up the existing contract and replace it with a completely new one. If both parties have an interest in ripping up the contract then it is completely legal to do it. If both parties are not in agreement then it cannot be done. The terms could just be varied or modified perfectly legal. Can transfer to contract to another company if the company has been bought out. Need to consider if a substitution can be in the contact switch the parties.