BUSI 561 Chapter Notes - Chapter 11: Specific Performance, Equitable Remedy, Legal Remedy
Document Summary
Chapter 11: the law of contracts and sales ii. Complete performance: completion of all the terms of the contract. Substantial performance: completion of nearly all the terms of the contract plus an honest effort to complete the rest of the terms, coupled with no willful departure from any of the terms. Options when contract not met as specified (3: reject all goods, accept all that are tendered, accept any number of units the buyer chooses to and reject the rest. Condition precedent: a particular event that must take place to give rise to a duty of performance of a contract. Condition subsequent: a particular event that, when it follows the execution of a contract, terminates the contract. Situation in which the party cannot legally or physically perform the contract. Objectively impossible: meaning that no person or company could legally or physically perform the contract. Situation that makes performance of a contract unreasonably expensive, injurious, or costly to a party.
