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

Business Law Chapter Notes 10/20/2013 8:58:00 AM - Termination of Contracts  Through Performance: When both parties fulfill their contractual obligations to each other o Performance of Others  Vicarious Performance: Performance of contractual obligations through others  Through Agreement: Parties bringing their contract to an end. Mutual agreement to walk away from contract o Novation: Substitution of parties in a contract or the replacement of one contract with another o Variations of the contract can occur if both parties agree o Parties may end the contract via mutual agreement or a buyout o One parties obligations are transferred to someone else  Assignment: The transfer of a right by an assignor to an assignee  Permits the assignor to assign the right to collect to another person, the assignee without the agreement of the debtor  Through Frustration: Performance of contract is impossible therefore it is terminated o Frustration: Termination via an unexpected event or change that makes performance functionally impossible or illegal o Must establish that the event  Was dramatic and unforeseen  Was a matter that neither party has assumed the risk of it occurring o Force Majeure: Parties determine in advance what would frustrate the contract - Enforcement of Contracts  Balance of Probabilities: Proof that there is a better than 50% chance of the plaintiffs allegations o Privity of Contract: Establishment of contract between parties by the plaintiff  Only the parties of the contract can enforce the contract o Breach: Plaintiff must prov
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