Philosophy 2080 Lecture Notes - Condition Precedent, Rescission, Fundamental Breach

• School: Western University
• Department: Philosophy
• Course: Philosophy 2080
• Professor: James Hildebrand

Document Summary

How are contracts terminated: performance or completion. Sometimes when one party says they are not going to perform the contract, the other party will (tendering performance: agreement. Have a term in the contract when it terminates. Substitution or novation: enter into a new agreement that takes the place of the old one. Condition precedent: this agreement will come into play when : must be satisfied in order for there to be an agreement. Condition subsequent: this agreement will continue in force until : agreement is in force until that thing happens, then it is no longer in force, operation of law. Where the legal process operates to terminate an agreement: bankruptcy, frustration. Example: enter into a contract with you to buy 5000 easter lily"s /piece before easter supplied by your warehouse. If there was not term that said it had to be supplied by your warehouse, then performance is not impossible. It is, just at a higher cost: breach.