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Chapter 13

Chapter 13 – Breach of Contracts and Remedies.docx

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Department
Business
Course
BU231
Professor
Shelley Mc Gill
Semester
Fall

Description
Chapter 13 – Breach of Contracts and Remedies Types of Breach - Express Repudiation o Declaration by one contracting to another that it does not intend to perform as promised o Promisee can treat contract as terminated, find another party to fulfill promise, or sue for whatever damages o Anticipatory breach: whenever breach occurs before time agreed for performance - Party renders performance impossible o Deliberate or negligent act that makes performance impossible o Does not include acts that are beyond their control - Failure to perform o Varies from grossly inadequate to a minor problem o In contracts involving installments, injured party is free from liability only if:  Good reason to suspect future performance will be equally defective  The expected or actual deficiency is important relative to the whole performance promised o Doctrine of substantial performance  A promisor is entitled to enforce a contract when it has been substantially performed Exemption Clauses - Covering potential liability - Courts techniques to cut down advantages: o Need to post adequate notice o Strict interpretations  If it squarely excludes liability for the breach that has occurred, the injured party has no remedy  Customers can sue individual employees in tort unless a exemption clause clearly protects them o Fundamental breach  Cannot be protected - Breach defenses o Inadequate notice Remedies for damages - Primary remedy - Purpose of an award of damages o Place injured party in same position as if contract had been completed o Compensate injured party for loss caused by failure o Intangible costs:  Ruining good relations or
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