BTF1010 Lecture Notes - Lecture 5: Coalbed Methane, Equitable Remedy, Relational Contract

• School: Monash University
• Department: Business - BTF
• Course: BTF1010
• Professor: Professor

Document Summary

Btf1010 week 5 lecture - the law of contract: termination and remedies: termination of the contract by performance. Acceptance of partial performance / restitution prevention of unjust enrichment: The basic rule: performance of a contract must be full and exact: cutter v powell (cacl 11. 21) Entire contract: a contract that provides for exact performance of the entire contract before the other part(cid:455)(cid:859)s o(cid:271)ligatio(cid:374)s are triggered. X contracts y to paint a house for , to be paid as a lump sum at the end of the job. X contracts y to build a house, with progress payments due at the completion of stages (footings, frame, lock-up completion). Y is entitled to be paid for each stage that has been exactly performed. (cid:1006). Hoenig v isaacs (cacl 11. 24a: bolton v mahadeva (cacl 11. 24b), acceptance of partial performance (cacl 11. 26) I(cid:374)(cid:374)o(cid:272)e(cid:374)t part(cid:455) (cid:373)a(cid:455) (cid:448)olu(cid:374)taril(cid:455) a(cid:272)(cid:272)ept the partial perfor(cid:373)a(cid:374)(cid:272)e o(cid:374) agreed ter(cid:373)s essentially creates a new contract between the parties.