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8/9/2019 Buslaw14-Discharge and Remedies
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1. Compare the different ways that time forperformance of a contract is enforced bythe courts.
2. Describe the standards that are used to
determine whether or not the performance
of a contract is satisfactory.
3. Contrast complete performance with
substantial performance.
DISCHARGE AND
REMEDIES
Chapter Outcomes:
Chapter 14
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4. Explain the importance of making tender of
performance and tender of payment.
5. Discuss the four ways that contracts are
discharged.6. Identify the remedies that are available to an
injured party when a contract is breached.
DISCHARGE AND
REMEDIES
Chapter 14
Chapter Outcomes (continued):
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Discharge by Performance
1414--11
Time for Performance
Satisfaction of Performance
Complete and Substantial
Performance
Contractual Conditions
Tender of Performance
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A Question of Ethics
The court held Kent to the contract in
Example 14-1 even though Lang Printing
Company had technically breached its
agreement by being four days late in
supplying the new letterhead. Even
though it followed the law, was thecourts decision ethical? Explain?
1414--11
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1414--11
1. When the contract states the
time for performance, but
nothing indicates that time is
important, the court may allow
additional time to perform.
Topic Quiz
TRUE
Answer the following true/false questions:
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1414--11
2. It is known as substantial performance
when both parties fully accomplish
every term, condition, and promise that
was agreed upon.
Topic Quiz
FALSE
Answer the following true/false questions:
Execution of all except for minor details
needing to be worked out.
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1414--11
3. Tender of performance is
necessary to test the other
partys willingness and ability
to perform.
Topic Quiz
TRUE
Answer the following true/false questions:
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Discharge by Nonperformance
Discharge by Agreement
Discharge by Impossibility
Discharge by Operation of LawDischarge by Breach of Contract
1414--22
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1414--22
1. A contract would be
discharged by impossibilitywhen the subject matter of the
contract had been destroyed
without the parties knowledgebefore the contract was
entered into.
Topic Quiz
TRUE
Answer the following true/false questions:
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1414--22
2. Most contractual obligations to
pay money come to an end by
operation of law when a party
files for bankruptcy.
Topic Quiz
TRUE
Answer the following true/false questions:
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1414--22
3. When time is of the essence,there is a breach of contract if
performance is not completed
within the time limits agreed toby the parties.
Topic Quiz
TRUE
Answer the following true/false questions:
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Remedies
Damages
Mitigation of Damages
Equitable Remedies
1414--33
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LawLINKS
Chapter 14Chapter 14
Log ontoKerris Crazy Bar Review Notes and
read about remedies at
http://www.chenoweth.cnchost.com/shiningc/
bar/5remedies/tl-damages.htm
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LawLINKS
Chapter 14Chapter 14
Refer to
http://www.silverlink.net/donowen/Liquid.html
foran interesting article about liquidated
damages.
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1414--33
1. Incidental damages are also called
consequential damages.
Topic Quiz
FALSE
Answer the following true/false questions:
They are differential damages.
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1414--33
2. Speculative damages may be awarded
for present injuries and for others that
might reasonably be anticipated in the
future.
Topic Quiz
FALSE
Answer the following true/false questions:
They are disallowed by courts.
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1414--33
3. When a contract is breached, the
injured party has no obligation tomitigate damages.
Topic Quiz
FALSE
Answer the following true/false questions:
The injured party must exercise
reasonable precautions.
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1414--11 Most contracts are discharged by performance,
which means that the parties do what they
agreed to do.
Nonperformance can also dischargecontractual obligations.
1414--22
SUMMARY
1414--33 A breach of contract relieves the injured partyfrom any obligation under the contract.
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Chapter 14Chapter 14Key Terms
abandonment of contractual obligations
actual damages anticipatory breach
compensatory damages complete performance
condition concurrent condition precedent
condition subsequent consequential damages
frustration-of-purpose doctrine
general release incidental damages
liquidated damages mutual rescission
nominal damages performance
punitive damages reasonable time
satisf
actory perform
ance specific perform
ance
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Investigating on the Internet
Chapter14Chapter14
Discover whether punitive damages are
insurable in your state by going to
http://www.mcandl.com/puni_states.html
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End of Presentation