Management and Organizational Studies 2275A/B Chapter Notes - Chapter 13: Condition Subsequent

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

Document Summary

Tender: the act of performing a contract or the offer of payment of money due under a contract. Tender of payment: performance is offered to the seller at the required time and place fixed for delivery under the contract, if cost not specified, then currency, or legal tender, must be offered to the seller. Tender of performance of an act: the seller must be prepared to deliver the goods to the buyer at the appointed time and place, and in accordance with the specifications set out in the agreement. Breach of contract: the failure to perform a contract in accordance with its terms. Express term: discharge by the occurrence of an event specified in the contract. Condition subsequent: a 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.