Management and Organizational Studies 2275A/B Chapter Notes - Chapter 9: Force Majeure, Syllogism, Specific Performance
Document Summary
Through performance: parties fulfill contractual duties they have performed the contract (ideal) Through agreement: voluntarily agree to bring contract to an end (walk away or. 1 party gives settlement in exchange for the termination) Through frustration: after formation, an important, unforeseen event occurs that makes performance impossible or illegal (subject matter destruction, or death/incapacity of a party) Through breach: release innocent party from having to continue with the contract. Buy and sell: property is given over and money is transferred. Audit: audit is completed and account for service is paid. Contract = performed when all implied and express promises have been fulfilled. Can continue to do business with new, continuing, overlapping contracts. Contract is performed when all of its implied and express promises have been fulfilled. Law distinguishes b/w those who have obligation to perform and those who can actually do the work.