MGMT 3100 Chapter Notes - Chapter 13: Precontract, Consequential Damages, Opportunity Cost
24 Feb 2017
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Chapter 13: breach of contract and its remedies. A breach of any term in a contract entitles the non-breaching party to claim damages. Discharge contract: breach must undermine the whole or substantial part of contract. No misrepresentation, no duress, no undue influence. A contract is discharged by a doctrine of frustration. When a party breaks a promise in a contract. 13. 1: breach of a minor term contract. A party to a contract may break the contract in the following ways: It may act in a way that makes its promise impossible to perform; or. It may fail to perform or tender performance that falls short of the promise. Express repudiation: when one of the contracting parties tells the other that it does not intend to perform as it promised. Anticipatory breach: an express repudiation that occurs before the time agreed for performance. Innocent 3rd party purchaser: when someone outside of the contract is involved.
