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21 Cards in this Set
- Front
- Back
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Discharge |
any method by which a legal duty is extinguished |
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Discharge by Performance |
contract discharged when both parties satisfactorily perform all their contractual obligations |
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Waivers |
voluntary relinquishment or abandonment of a legal right or advantage (a further contract) |
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Waivers - if one party has fully performed their contractual obligation(s) |
that party needs to receive consideration in the waiver, to ensure it is signed under seal |
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Novation |
(substituted agreement) the act of replacing an old obligation with a new one where either there is a new obligation between same parties or the same obligations between one of original parties and another |
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conditions precedent |
an act or an event, other than a lapse of time, that must exist or occur before a duty to perform something arises AKA - obligations of parties are suspended until condition is met or waived |
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conditions subsequent |
event, the existence of which discharges the duty of performance in an agreement |
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options to terminate |
right or option to terminate a contract; must be available to both parties (usually must give notice) |
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discharge by frustration |
when circumstances beyond the control of the parties makes performance of the contract impossible, pointless, or substantially different than what was intended |
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self induced frustration |
where a party wilfully disables itself from performing a contract; breach of contract |
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BC frustration statue |
Frustrated Contract Act applies to every contract from which the parties to it are discharged by reason of the application of the doctrine frustration -restitution |
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discharge by operation of law |
statute specifies that, if some event occurs, the contract is discharged |
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examples of discharge by operation of law |
SGA - goods perishing Limitation act - 2 year old lawsuits |
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Express Repudiation |
telling the other side that they no longer intend on fulfilling contractual obligations |
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conditions |
fundamental terms of the contract (breach of which goes to the root and defeats the purpose) |
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warranty |
non essential term of a contract; breach won't allow innocent party to treat contract as terminated |
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intermediate/innominate terms |
if breach goes to root of contract, it's treated as condition; if not it's treated as a warranty |
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anticipatory breach |
if notice occurs before the time period set to perform the obligations |
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substantial performance |
performed most of obligations but performance doesn't comply in a minor way |
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exemption clauses |
exempts the party from liability in the event of a breach |
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