Management and Organizational Studies 2275A/B Chapter Notes - Chapter 9: Syllogism, Force Majeure, Novation

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Chapter 9 termination and enforcement of contracts. Through performance (when both parties fulfill contractual obligations to each other) Through agreement (parties always free to voluntarily bring contract to an end) Through frustration (important unforeseen event makes performance impossible/illegal) Through breach (significant breach can release innocent party vs. insignificant = damages only) When terminated through performance, doesn"t always mean end of relationship between parties. Can continue to do business with each other with new/continuing/overlapping contracts. Vicarious performance contractual obligations performed through others (ex. employees) As long as both parties benefit from new arrangement. Party benefitting from variation must provide consideration to other side. New party substituted and old party drops out of contract. Commercial obligations can"t be transferred without agreement by other side. Contractual rights can be transferred without any permission. Assignment transfer of a right by an assignor to an assignee. Creditor entitled to payment from contract by debtor.