1. 1.1 13.1 Chapter 13: Termination of Contracts Law for Business, 15e, by Ashcroft, © 2005 West Legal Studies in Business, a Division of Thomson Learning Law for Business, 15e by Ashcroft

2. 13.2 Chapter 13 Objectives  Describe the requirements for terminating a contract by performance.  Recognize the circumstances that discharge a contract by operation of law.  Explain what breach of contract is and the potential remedies for breach.

3. 13.3 Performance of the contract Performance of the contract Operation of the law Operation of the law Voluntary agreement of the parties Voluntary agreement of the parties Acceptance of a breach of contract Acceptance of a breach of contract Impossibility of performance Impossibility of performance Termination of Contracts

4. 13.4 1. Time of performance performance 2. Tender of performance performance 3. Tender of payment payment 5. Substantial performance performance 4. Satisfactory performance performance Explain each of the following factors which determine whether there has been performance: Activity Termination by Performance

5. 13.5 Discharge by Operation of the Law  Bankruptcy  Running of the statute of limitations  Alteration of written contracts  Impossibility of performance Contract

6. 13.6 Impossibility of Performance  Destruction of the subject matter  New laws making the contract illegal  Death or incapacity of person to render personal services  Acts of other parties Contract

7. 13.7 Remedies for Breach of Contract  Suit for damages  Nominal damages  Compensatory damages  Punitive damages  Liquidated damages  Suit to rescind the contract  Suit for specific performance

8. 1.8 13.8 This concludes the unit on contracts. Do you have a better understanding of how contracts work now?