© 2004 West Legal Studies in Business A Division of Thomson Learning 1 Performance, breach and remedies I. Discharge I. Discharge  A. Conditions  B.

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Presentation transcript:

© 2004 West Legal Studies in Business A Division of Thomson Learning 1 Performance, breach and remedies I. Discharge I. Discharge  A. Conditions  B. Performance  C. Material Breach  D. Impossibility of performance  E. Discharge by agreement II. Damages II. Damages III. Other remedies.. III. Other remedies.. I. Discharge I. Discharge  A. Conditions  B. Performance  C. Material Breach  D. Impossibility of performance  E. Discharge by agreement II. Damages II. Damages III. Other remedies.. III. Other remedies..

© 2004 West Legal Studies in Business A Division of Thomson Learning 2 ConditionsConditions Types of Conditions: Types of Conditions:  Conditions Precedent.  Conditions Subsequent.  Conditions Concurrent.. Types of Conditions: Types of Conditions:  Conditions Precedent.  Conditions Subsequent.  Conditions Concurrent..

© 2004 West Legal Studies in Business A Division of Thomson Learning 3 Discharge by Performance Types of Performance: Types of Performance:  Complete Performance.  Substantial Performance (minor breach).. Types of Performance: Types of Performance:  Complete Performance.  Substantial Performance (minor breach)..

© 2004 West Legal Studies in Business A Division of Thomson Learning 4 Discharge by Material Breach of Contract Discharge by Material Breach of Contract Not full or substantial performance Not full or substantial performance Discharges the non breaching party from the contract.. Discharges the non breaching party from the contract.. Not full or substantial performance Not full or substantial performance Discharges the non breaching party from the contract.. Discharges the non breaching party from the contract..

© 2004 West Legal Studies in Business A Division of Thomson Learning 5 Impossibility of Performance Objective Impossibility of Performance. Objective Impossibility of Performance.  Death or incapacitation of person employed under personal service contract.  Destruction of the Subject Matter; or  Illegality in performance.. Objective Impossibility of Performance. Objective Impossibility of Performance.  Death or incapacitation of person employed under personal service contract.  Destruction of the Subject Matter; or  Illegality in performance..

© 2004 West Legal Studies in Business A Division of Thomson Learning 6 Discharge by Agreement Mutual rescission Mutual rescission Novation Novation Accord and satisfaction.. Accord and satisfaction.. Mutual rescission Mutual rescission Novation Novation Accord and satisfaction.. Accord and satisfaction..

© 2004 West Legal Studies in Business A Division of Thomson Learning 7 Mitigation of Damages When breach of contract occurs, the innocent injured party is held to a duty to reduce the damages that he or she suffered.. When breach of contract occurs, the innocent injured party is held to a duty to reduce the damages that he or she suffered..

© 2004 West Legal Studies in Business A Division of Thomson Learning 8 Types of Damages Compensatory Damages Compensatory Damages Punitive Damages Punitive Damages Nominal Damages.. Nominal Damages.. Compensatory Damages Compensatory Damages Punitive Damages Punitive Damages Nominal Damages.. Nominal Damages..

© 2004 West Legal Studies in Business A Division of Thomson Learning 9 Exculpatory Clause Limits or eliminates one’s liability for negligence.. Limits or eliminates one’s liability for negligence..

© 2004 West Legal Studies in Business A Division of Thomson Learning 10 Liquidated Damages Liquidated Damages. Liquidated Damages.  A contract provision  Must be reasonable »Penalty and is unenforceable.. Liquidated Damages. Liquidated Damages.  A contract provision  Must be reasonable »Penalty and is unenforceable..

© 2004 West Legal Studies in Business A Division of Thomson Learning 11 RescissionRescission

© 2004 West Legal Studies in Business A Division of Thomson Learning 12 Specific Performance Equitable remedy. Equitable remedy. Remedy in cases where the consideration is: Remedy in cases where the consideration is:  Unique (land);  Scarce; or  Not available as a remedy in contracts for personal services.. Equitable remedy. Equitable remedy. Remedy in cases where the consideration is: Remedy in cases where the consideration is:  Unique (land);  Scarce; or  Not available as a remedy in contracts for personal services..