Management and Organizational Studies 2275A/B Chapter Notes - Chapter 9: Life Insurance, Expectation Damages, Specific Performance

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

Document Summary

Several ways in which it can be brought to an end (termination: through performance. When both parties fulfill their contractual obligations to each other, they have performed the contract: through agreement. Parties are always free to voluntarily bring their contract to an end: through frustration. Applies after the formation of the contract, an important, unforeseen event occurs. The event must make performance impossible or illegal: through breach. Can release the innocent party from having to continue the contract if that is his wish. As long as personal performance is not an express or implied term of the contract. Parties may decide to: enter into a whole new contract. Novation: the substitution of parties in a contract or the replacement of one contract with another: vary certain terms of the contract, end the contract, substitute a party. An agree between the parties is almost always the best way of dealing with events that make the contract disadvantageous in some respect.