1. Law for Business and Personal Use © Thomson South-Western CHAPTER 11 Contractual Obligations and Their Enforcement 11-1Transfer and Discharge of Obligations 11-2Remedies for Breach of Contract 11-3The Marriage Contract and Divorce

2. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 2 11-1 11-1Transfer and Discharge of Obligations GOALS Identify what rights can be assigned and what duties delegated Describe the various ways in which contractual obligations may be discharged

3. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 3 FOCUS Identify a contract you have recently entered into. What rights have been acquired by the parties?

4. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 4 THE TRANSFER OF CONTRACT RIGHTS AND DUTIES Assignable rights Non-assignable rights Form of assignments Notice of assignments Delegation of contractual duties

5. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 5 Under what conditions may you assign contractual rights to another person?

6. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 6 DISCHARGE OF CONTRACTUAL OBLIGATIONS By performance Timing of performance By the initial terms By subsequent agreement Rescission Accord and satisfaction Novation

7. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 7 DISCHARGE OF CONTRACTUAL OBLIGATIONS By impossibility of performance By operation of law By tender of performance (continued)

8. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 8 Identify the six ways in which contractual obligations can be discharged.

9. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 9 11-2 11-2Remedies for Breach of Contract GOALS Name and describe various remedies possible for minor or major breach of contract Discuss the factors that affect the choice of remedies

10. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 10 FOCUS Do you agree with the following statement? Let the punishment fit the crime.

11. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 11 REMEDIES POSSIBLE FOR BREACH Remedy for a minor breach Remedies for a major breach Rescission and restitution Money damages Specific performance

12. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 12 Explain the remedies available for a major breach of contract.

13. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 13 FACTORS AFFECTING CHOICE OF REMEDY Conflict of remedies Duty to mitigate Waivers Statute of limitations Bankruptcy

14. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 14 REMEDIES FOR BREACH OF CONTRACT

15. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 15 What does it mean to “mitigate the damages”?

16. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 16 11-3 11-3The Marriage Contract and Divorce GOALS Recognize the contractual elements of premarital and marital relationships Describe the various ways in which a marriage contract is ended

17. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 17 FOCUS Do you plan on getting married?

18. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 18 MARRIAGE AND CONTRACTS Contractual elements of premarital relationships Statutory requirements Contractual elements of marital relationships Marital consortium Rights and duties of parenthood Property rights and duties Common-law marriage

19. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 19 What rights and duties are associated with the marriage contract?

20. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 20 ENDING THE MARRIAGE CONTRACT By annulment By divorce Separation No-fault divorce Typical issues in a divorce Division of property Child custody and support Alimony

21. Law for Business and Personal Use © Thomson South-Western Chapter 11 Slide 21 Name three ways in which a marriage contract is ended.