ACCT350 Chapter Notes - Chapter 16: Punitive Damages, Rescission, Immunodeficiency
19 Sep 2017
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Equitable remedies: including specific performance, reformation, and injunction equitable remedies are based on the concept of fairness. Complete performance performance exactly as required by the contract. Complete performance discharges that party"s obligation under the contract. A fully performed contract is called an executed contract tender of performance (tender): an unconditional and absolute offer by a contracting party to perform his or her obligations under a contract also discharges the party"s contractual obligations. Example: ashely, who owns a women"s retail store, contracts to purchase a lot of high-fashion jeans from manufacturer for ,000. At the time of performance, ashley tenders the ,000. Ashely has performed her obligation under the contract once she tenders the money to the manufacturer. The manufacturer tenders the jeans to ashley when required to do so and ashley accepts the jeans. There is a complete performance of the contract. Substantial performance occurs when there has been a minor breach of contract.
