LAW 122 Lecture Notes - Lecture 12: Liquidated Damages, Punitive Damages, Fundamental Breach
26 Dec 2016
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Document Summary
: a contract is discharged through the performance of its terms (obligations) rule parties must perform exactly as contract requires. Substantial performance is still performance: exception: entire contract clauses (no part is payable unless all is done) Contract can insist on legal tender i. e. payment of notes or coins. Executory: neither party has performed its obligations can rescind. Executed: one party has performed its obligations if there is an agreement to discharge w/o consideration the agreement will be unenforceable. Accord and satisfaction allows the party who has performed to obtain another benefit. Allows one party to terminate w/o the agreement of the other (often in employment contracts. Party may be required to give reasonable notice. Condition precedent: contract comes into existence only if a certain event takes place. Condition subsequent: contract will be terminated if a certain event takes place. True condition precedent (contract does come into effect)
