Management and Organizational Studies 2275A/B Lecture Notes - Specific Performance, Equitable Remedy, Liquidated Damages

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

Document Summary

Performance: contractual obligations are discharged when each party satisfactorily performs its part of the bargain. Substantial performance: all or most contractual obligations are fulfilled, contract discharged. Therefore companies should put disclaimer on contract to have all duties fulfilled. Breach: a contract is breached when there is: improper or incomplete performance refusal to perform repudiation (anticipatory breach) tell the other party that you"re not going to perform ahead of time. Conditions and warranties: conditions - terms essential to substantial performance. Where breached, victim relieved of obligations (could be voidable: warranties - minor terms of contract. Where breached, performance is still required and then you can sue for damages after performance completed. Strictly interpreted by the courts if they are so one-sided and unreasonable, the court can carve them out of contract (usually happens where one person has no bargaining power) The failures to perform are so basic they leave one party without any benefit in the contract.