MCS 3040 Chapter 9: Law Chapter 9

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Tuesday, November 15, 2016
Chapter 9: Termination and Enforcement of Contracts
MCS 3040
Termination of Contracts: Overview:
Termination of Contract:
1) Through Performance — both parties fulfill contractural obligations to each other, so it ends
2) Through Agreement — parties always free to voluntarily bring contract to end, if they both
want to
3) Through Frustration — doctrine of frustration applies when an unforeseen event “frustration”
occurs, bringing contract to end
4) Through Breach — a serious breach of contract can release the innocent party form having
to continue with the contract if they wish. Less significant breaches generally just give
innocent party damages.
Termination Through Performance:
contract performed when all its implied and express promises have been fulfilled
then it ends
Performance by others:
law easily distinguishes between those who have the contractural obligation to perform and
those who actually do the work
you can contract another party to do your work
Vicarious Performance: performance of contractural obligations through others
Termination by Agreement:
By agreement between parties:
best way to deal with events that make contract disadvantageous in some respect
parties enter contract that becomes unfavourable to one or both of them
they decide to…
novation: enter into a whole new contract, replace one contract with another
vary certain terms of the contract
end the contract
substitute a party — more limited form of novation, where rights and obligations of one
party are transferred to another.
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