Ch 9 Termination and Enforcement of Contracts.docx

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Management and Organizational Studies
Management and Organizational Studies 2275A/B
Frederick King

Termination and Enforcement of Contracts10242012 75700 PM Chapter 9Termination of ContractsWhen parties enter into a contract there are several ways in which it can be brought to an endPerformancePerformancewhen both parties fulfill their contractual obligations o What amounts to termination by performance depends on the nature of the contractA contract to buy and sell a house is fulfilled when the title is transferred to the owner o Performance by othersthe law easily distinguishes between those who have the contractual obligation to perform and those who may actually do the necessary workIt is permissible to use employees to vicariously perform a contract in questionAgreementAgreementparties are always free to voluntarily bring their contract to an end both parties could simply agree to walk away from their agreement or pay a sum to get out of a agreement o Parties may enter into an agreement that becomes unfavourable for one or both of themin response they may decide toNovationenter into a who new contractVary certain terms of the contractEnd the contractSubstitute a party o Transfer of Contractual Rightsa party who wants to end his involvement in a particular contract may have the option to transfer it to someone elseThis transfer does not terminate the contract but does have the effect of eliminating the transferors role in it o In short while contractual duties cannot be transferred to someone else without agreement by the other side
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