POL 319 Lecture Notes - Lecture 7: Liquidated Damages, Quasi-Contract, Equitable Remedy
15 Oct 2017
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Document Summary
They must be performed or there will be a breach: in some situations it is conditioned on an event, the condition precedent. Most common example is a mortgage contingency clause in a real estate contract: the condition subsequent. A lawyer takes on a job in a law firm. The condition subsequent is that attorney keeps his license in good standing to keep a job: concurrent conditions. Payment on delivery of goods: express and implied conditions. (words: if, when, after, provided) ex. Cooperate with an insurance so to get a claim processed: discharge by performance. Tender as in when the seller has provided the goods and has right to payment party to damages: types of performance: complete and substantial, substantial confers most of the benefits that were promised. It is considered material if performance is not at least substantial. Example, the failure to make the repairs necessary to complete the transaction: anticipatory repudiation. One party refuses to carry out the obligation.
