BU231 Study Guide - Final Guide: Committee, Embezzlement, Condonation

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11 May 2012
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Bu231 final exam review (slides, notes + readings) February 14, 2011- chapter 13 & 14: discharge of contracts/the effect of breach. Discharge cancellation of obligation of a contract: makes k null and inoperative, by performance: most common. Both parties perform obligations under contract satisfactorily. Waiver: agreement not to proceed w/ the performance of a contract already in existence. Can occur only when neither party has fully performed - consideration an issue. Substituted agreement: can be an out of court settlement 1 party offers to pay 18063 in lieu of performance. Common in mortgages has a penalty. 2: where one party has partially performed and the other has not, then a frustrating event can leave the performing party out of pocket. Courts try to fix this but usually make it worse. Ex: a-becomes out of pocket due to frustrating event. B gets deposit 18063 from a to start to perform out of pocket if has to give $ back to.