LAW 122 Chapter Notes - Chapter 11-12: Fundamental Breach, Liquidated Damages, Clean Hands
16 Mar 2017
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Chapter 11: discharge & breach: contracts can come to an end when they avoided or rescinded, motion brought anything discharge, this is when the parties are relieved of the need to do anymore under the contract. Discharge: discharge when the parties are relieved of obligation to do anything further under the contract, by performance, by agreement (another contract, by breach, operation of law, remedy (remedies) Pro tip: defect versus discharge: defect problems revolve around an issue that existed as soon as the contract was created. In discharge problems the issue comes up during the life of the contract. Formal requirements to create a contract are met: parties aren"t fighting about the terms. Performance exceptions: late performance, but not if time is of the essence , substantial performance, but not if entire contract: clause. Time is of no essence party is entitled to perform late even if the contracts sets a day.
