Management and Organizational Studies 2275A/B Lecture Notes - Lecture 3: Novation, Specific Performance, Non-Compete Clause

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Cristin Keller

Document Summary

90% of the time a contract end because everyone did what they had to. Termination through performance: performance is complete when all implied and express promises have been fulfilled, does not necessarily mean the relationship ends, parties may continue to do business by means of new, continuing, and overlapping contracts. Performance by others: law distinguishes between those who have the contractual obligation and those who may actually do the necessary work, vicarious performance performance of contractual obligations through others. Termination by agreement: parties may agree to: Enter into a whole new contract, known as novation. Substitute a party transferring one part(cid:455)"s rights and o(cid:271)ligations to someone else; a limited form of novation: novation the substitution of parties in a contract or the replacement of one contract with another. Transfer of contractual rights: assignment of a contract the transfer of a right by an assignor to an assignee.