BU231 Lecture Notes - Lecture 4: Non Est Factum, Opportunity Cost, Swiss Alps
Document Summary
Effect: of the breach on the parties: may discharge the contract, but not always. Minor breach: a breach of a non-essential term of the k or of an essential term in a minor respect. Major breach: a breach of the whole k or of an essential term, so that the purpose of the k is defeated. Do the dates matter: not always easy to tell the difference. Condition an essential term of the k: ex. Payment: breach of the contract in its entirety gives brock the option to discharge himself entirely (he does(cid:374)"t ha(cid:448)e to perfor(cid:373) a(cid:374)d he (cid:272)a(cid:374) sue the other part(cid:455)) Warranty a non-essential term of the k: colours may not be important. If it is a minor, brock remains bound to the contract and so does dean: both parties remain breached (cannot not pay) Breach of a condition allows the non-breaching party to opt for discharge of the k the breaching party remains bound.
