Textbook Notes (368,241)
Canada (161,733)
MGSC30H3 (57)
H Laurence (33)
Chapter 13

Chapter 13 Notes

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Department
Management (MGS)
Course
MGSC30H3
Professor
H Laurence
Semester
Fall

Description
Chapter 13 Performance of Contractual Obligations NotesThe Nature and Extent of Performance y a contract that contains all of the essential requirements for a binding agreement and that does not contain an element enabling a party to avoid the agreement must be performed by the parties in accordance with its terms y performance must always be exact and precise in order to constitute a discharge of a contractual obligation y anything less than complete compliance with the promise would render the party in default liable for breach of the contract y if the performance of the promise of the parties is complete then the contract is said to be discharged y if however one of the parties does not fully perform the promise made then the agreement remains in effect until the promise is fulfilled or the agreement is discharged in some other way y whether the performance is complete or not must be determined by comparing the promise made with the act performed y the act of offering to perform the promise is called tender of performance and may take one of two general forms tender of payment or tender of performance of an act Discharge by Means Other Than Performance Termination as a Right y an option to terminate is a method of discharging an agreement that is usually effected by either party giving notice to the other y the option frequently has a time limit attached to the notice and at the expiry of the notice period the agreement comes to an end y agreements that contain a notice or option to terminate often provide for some means of compensating the party who has partly performed at the time the notice is given but this is not always the case y the right to terminate if exercised in accordance with the specific terms of the agreement may entitle a party to terminate the agreement without liability for any loss suffered by the other External Events Express Terms y express termdischarge by the occurrence of an event specified in the contract y condition subsequenta condition that alters the rights or duties of the parties to a contract or that may have the effect of terminating the contract if it should occur Implied Terms y implied termsdischarge by occurrence of an event that by custom of the trade would normally result in exemption from liability y rather than relying on implied terms most carriers take added precaution of making terms express by including them on their bills Implied Terms and the Doctrine of Frustration y frustrated contracta contract under which performance by a party is rendered impossible due to an unexpected or unforeseen change in circumstances affecting the agreement y this particular doctrine has been applied
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