Management and Organizational Studies 2275A/B Study Guide - Interlocutory Injunction, Equitable Remedy, Force Majeure

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Henry Meredith

Document Summary

After studying this chapter, you should have an understanding of: In the vast majority of situations, a contract terminates or ends when the parties fully perform their obligations. Less common are situations where the contract ends because the parties find it impossible or tremendously difficult to perform their obligations. In such cases, prudent business parties will have addressed such a possibility through a force majeure clause or equivalent. A more usual and complicated situation, from a business perspective, occurs when one party breaches the contract by failing to perform or by performing inadequately. There are several ways that a contract is terminated: by performance, by agreement, through frustration, and through breach. When a contract is terminated by performance, the parties have fulfilled all their implied and express promises. The work necessary to achieve performance may be done by the parties personally or through their agents/employees, unless a term to the contrary is included.