Management and Organizational Studies 2275A/B Chapter Notes - Chapter 9: Fundamental Breach, Specific Performance, Equitable Remedy
6 Oct 2017
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When parties enter into contract, there are few ways in which it can be brought to an end. Parties are free to voluntarily bring contract to an end (both parties could agree to walk away from agreement. Applies when after formation of contract, important unforeseen event occurs. When something serious, can release the innocent party from having to continue with (cid:272)o(cid:374)t(cid:396)a(cid:272)t if that"s thei(cid:396) i(cid:374)te(cid:374)tio(cid:374) Contract is performed when all of its implied and express promises have been fulfilled. Whe(cid:374) (cid:272)o(cid:374)t(cid:396)a(cid:272)t is te(cid:396)(cid:373)i(cid:374)ated th(cid:396)ough pe(cid:396)fo(cid:396)(cid:373)a(cid:374)(cid:272)e, does (cid:374)ot (cid:373)ea(cid:374) it"s the e(cid:374)d of the commercial relationship between parties. Ex: contract to provide an audit of a corporation is performed when audit is competently completed and auditor"s account for service rendered is paid in full. Law easily distinguishes those who have contractual obligation to perform and those who actually do necessary work. When corporation enters into contract to provide goods or services it must by necessity work through employees/agents.
