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16 Cards in this Set
- Front
- Back
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Explain doctrine of substantial performance |
If the non-performing party has fulfilled most of the major conditions, the other side will still be required to pay. But can claim a loss or deduction for the shortfall and performance. |
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Explain doctrine of tender |
If one party refuses to accept the other parties performance there is no obligation to keep trying. But whether the other side is relieved of its obligations will depend on if the contract was for services or Goods. |
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What happens if the tendering party is trying to pay a debt |
The debt is not extinguished but now the Creditor has to come to the debtor to collect and must pay any collection costs and forgo it's right to interest. |
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Explain repudiation |
When one party indicates it intends to refuse to perform the contract, it prom formats has started the other party May sue for breach of contract. |
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What is the difference between conditions and warranties |
Conditions are terms essential to the substantial performance of a contract while warranties are minor in significant terms or terms that are peripheral to the central obligation of the contract. |
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Will a breach of warranty relieve the other side from the obligation to fill his side of the agreement? |
No |
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What is anticipatory breach |
A repudiation that occurs before performance is due. |
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What is mutuality of consideration |
Mutual release of each other's incomplete obligations |
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What is Accord |
The agreement to end the old contract |
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What is satisfaction |
The new considerations supplied by the party benefiting from the modification agrees to do something extra |
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What is Novation |
Substituting a party in a contract. This can only be done by agreement and may not release the original party in the contract. |
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With Novation what must you show to be released from the contract |
A new debtor assumed the complete liability, creditor must accept the new debtor as principal debtor and not merely guarantee R, creditor must accept new contract in full satisfaction and substitution for the old contract. |
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Explain the common law principles of restoration |
The requirements are unforeseen events, beyond the control of either party, and must render it impossible to pill the |
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Explain common law vs. frustration contract Act. |
The common law of frustration says Let The Lost lie where it falls which is very unfair, well the restoration contract Act requires unearned and deposits to be returned, payment for benefits actually received before frustration, reimbursement for expenses incurred before frustration. |
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What are the remedies for breach of contract? |
Quantum meruit, injunction, accounting. |
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How are damages calculated in contract law? |
Parties have freedom to contract and agree in advance on what damages they will be entitled to in the event of a breach. But if the contract is silent the courts will award all the cost incurred a to complete what the contract it should have achieved, unlike tort damages which are backward-looking contract are forward-looking. Quite often this includes any profit the plaintiff will no longer make because the contract will not be completed |
