BUS-294 Lecture Notes - Lecture 27: Natural Disaster
23 Sep 2020
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Document Summary
When a contract is discharged, that means it goes away the obligations are no longer valid. Contracts are either discharged upon completion/full performance, mutual agreement to discharge, Express condition: conditions clearly stated in the contract. Implied condition: condition that is not clearly stated in the contract, but implied by the nature of the contract: implied a painter will bring his own paint for jobs. Conditions subsequent: occurrence of a future event that would automatically discharge the contract. Concurrent conditions: where the performance of the two parties relies on the other: you pay for the deed, the other person immediately hands over the deed. Strict performance: when it comes to paying money, strict performance is required. Substantial performance: i agree to build a house for bella plans include specific details for each room. I forget to install special lights in one room bella still has to pay me because i did substantial performance.
