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ADMS 2610 (430)
Lecture

ADMS2610-Session3-Ch13.docx

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Department
Administrative Studies
Course
ADMS 2610
Professor
Robert Levine
Semester
Summer

Description
ADMS2610 Session 3 Chapter 13 (pg. 230-242) Performance of Contractual Obligations Nature and Extent of Performance - Must be done according to terms of contract - Must be exact and precise in order to constitute discharge - Anything less is a breach Tender (the act of performing a contract or the offer of payment of money due under a contract) - Tender of Payment o Performance is made when money paid at time and place required under the contract - Legal Tender o Cannot be refused if tendered by buyer o Seller can refuse credit card, check, bill of exchange unless specified as form of payment - Debt o If proper tender of payment is made and refused by creditor, interest stops running o Debtor need not attempt to pay again - Tender of Performance of an Act o Must deliver goods to proper place at proper time o If refusal by buyer seller need not tender again Discharge by Means Other than Performance - Contracts can be discharged in a number of ways - Termination as a Right o Option to terminate by one party giving notice to the other o Contract provides for a termination right o If done improperly may be liable for damages for improper termination - External Events o Express Terms (discharge by the occurrence of an event specified in the contract):  Condition Subsequent (a condition that alters the rights or duties of the parities to a contract, or that may have the effect of terminating the contract if it should occur)  Force Majeure (a major, unforeseen event that occurs that prevents the performance of a contract or causes damage to property)  Act of God (an unanticipated event that prevents the performance of a contract or causes damage to property) o Implied Terms (discharge by the occurrence of an even that by custom of the trade would normally result in exemption from liability)  Conditions subsequent may be implied by the courts  Example: common carriers ordinarily responsible for ordinary losses or damage are exempt from acts of God o Frustration (a contract under which performance by a party is rendered impossible due to an unforeseen or unexpected change in circumstances affecting the agreement)  Frustration results in the contract being discharged  Force Majeure Clause should be inserted into the agreement  Sale of Goods Act  Provides for frustration in certain circumstances  Examples:  Personal services of one party required  Event alters circumstances such that what would have been performed is radically different than that contemplated by the parties o Usually arises during war o Goods diverted due to
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