CHAPTER 19: CONTRACT PERFORMANCE, NONPERFORMANCE, AND DISCHARGE

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Presentation transcript:

CHAPTER 19: CONTRACT PERFORMANCE, NONPERFORMANCE, AND DISCHARGE

CHAPTER 19: CONTRACT PERFORMANCE, NONPERFORMANCE, AND DISCHARGE Learning Objectives: Types of Conditions Performance of Conditions Excuses for Nonperformance Discharge of Contracts Chapter 19

CONDITIONS Definition: an act or event that triggers performance of a promise. Types of Conditions: Classifications as to when conditioning event must occur: Condition Precedent: condition must occur before duty to perform arises. Conditions Concurrent: performances must occur at the same time. Conditions Subsequent: event discharges a duty to perform. Chapter 19

CONDITIONS Definition: an act or event that triggers performance of a promise. Types of Conditions: Classifications as to when conditioning event must occur Classifications as to the way they are created: Express Conditions: stated in contract. Constructive Conditions: imposed by the court. Chapter 19

PERFORMANCE OF CONDITIONS Tender of Performance Definition: offer to perform Consequences if tender of payment is made Substantial Performance Definition: performance is considerable, with only shortcomings of a trivial nature. Consequences: nonmaterial breach. Chapter 19

PERFORMANCE OF CONDITIONS Divisibility: Installment Contracts Anticipatory Repudiation Definition: refusal to perform is stated before time of performance. Result: non-repudiating party has an election of remedies. Chapter 19

EXCUSES FOR NONPERFORMANCE Hindrance, Prevention, or Noncooperation Waiver Impossibility of Performance Commercial Frustration Commercial Impracticability Under the Code Chapter 19

DISCHARGE OF CONTRACTS Methods Payment Accord and Satisfaction Statute of Limitations Chapter 19

CHAPTER 19: CONTRACT PERFORMANCE, NONPERFORMANCE, AND DISCHARGE

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