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

The law easily distinguishes between those who have the contractual obligation to perform and those who may actually do the necessary work. Expressed in legal terms, such an employee/agent lacks privity of contract and therefore cannot sue or be sued on the contract, tough there may be liability in tort. Termination by agreement: by agreement between parties. Parties may enter into an agreement that becomes unfavorable for one or both of them. Enter into a whole new contract: novation. The substitution of parties in a contract or the replacement of one contract with another. An agreement between the parties is almost always the best way of dealing with events that make the contract disadvantageous in some ways: transfer of contractual rights. This transfer does not terminate the contract but does have the effect of eliminating the transferor"s role in it. Contractual rights can be transferred without any such permission being required.