SOCI10001 Lecture Notes - Lecture 6: Specific Performance, Divisor

• School: University of Melbourne
• Department: Sociology
• Course: SOCI10001
• Professor: Barbara Barbosa Neves

Document Summary

Contract performance: performance of the contractual obligation discharges parties. At the moment you made the contract the obligation was possible, but during the completion of contractual responsibility it became impossible. If they prepared/planned/allocated the risk, then they won"t be excused. If they haven"t assumed the risk of changed circumstances and it would be unjust in the new circumstances to enforce the agreement, then the contract is said to be frustrated. If a verdict of frustration is reached, each party must carry their own loss. Of a warranty does not justify termination: substantial performance doesn"t matter whether it was a condition or warranty, just have to pay damages. A breach of condition is treated like a breach of warranty: effects of the breach: serious breach results in termination.