Management and Organizational Studies 2275A/B Chapter Notes - Chapter 9: Equitable Remedy, Specific Performance, Fundamental Breach

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

Document Summary

Through performance: when both parries fulfill their contractual obligations to each other. Through agreement: parties are always free to voluntarily bring their contract to an end. Through frustration: the event must be one that marks performance functionally impossible or illegal. Through breach: when particularly serious, a breach of contract can release the innocent party from having to continue with the contract. A contract to buy and sell a house is performed when the purchase price is paid and title of the property is transferred to the buyer. A contract is performed when all of its implied and express promises have been fulfilled. Vicarious performance: performance of contractual obligations through others. Novation: the substitution of parties in a contract or the replacement of one contract with another. Assignment: the transfer of a right by an assignor to assignee. Frustration: termination of a contract by an unexpected event or change that makes performance functionally impossible or illegal.