Podcast
Questions and Answers
What is the release of each party from further obligations under a contract known as?
What is the release of each party from further obligations under a contract known as?
- Discharge of contracts (correct)
- Performance agreement
- Frustration
- Breach of contract
What type of breach means the contract has not ended?
What type of breach means the contract has not ended?
- Major breach
- Minor breach (correct)
- Operation of law
- Frustration
What type of agreement substitutes a new agreement for the original one?
What type of agreement substitutes a new agreement for the original one?
- Condition subsequent (correct)
- Performance agreement
- Option to terminate
- Waiver of an agreement
Under what circumstance does frustration end a contract?
Under what circumstance does frustration end a contract?
What is substantial performance in a contract?
What is substantial performance in a contract?
What does 'tender of performance' refer to in a contract?
What does 'tender of performance' refer to in a contract?
What is the purpose of the 'good faith' duty in contracts?
What is the purpose of the 'good faith' duty in contracts?
How can agreements end contracts?
How can agreements end contracts?
What can terminate contracts based on the fulfillment or occurrence of specific events?
What can terminate contracts based on the fulfillment or occurrence of specific events?
What is 'frustration' in the context of contracts?
What is 'frustration' in the context of contracts?
What does the Frustrated Contracts Act allow in the event of frustration?
What does the Frustrated Contracts Act allow in the event of frustration?
What can bankruptcy do in relation to contractual obligations?
What can bankruptcy do in relation to contractual obligations?
What does the statute of limitations do in the context of contracts?
What does the statute of limitations do in the context of contracts?
When does a breach of contract occur?
When does a breach of contract occur?
What are the possible ways a breach can occur?
What are the possible ways a breach can occur?
What do courts commonly provide for breached contracts?
What do courts commonly provide for breached contracts?
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Study Notes
Contract Law Key Concepts
- Substantial performance occurs when almost all contract obligations have been fulfilled, and the other party must still perform their obligations.
- Tender of performance is an attempt to fulfill contract obligations, allowing the aggrieved party to sue for compensation if the contract is not performed.
- "Good faith" duty safeguards against fraudulent performance and can be imposed by the court in certain contracts.
- Agreements can end contracts, such as through waivers, substituted agreements, or clauses discharging the contract under specific conditions.
- Conditions precedent and subsequent can terminate contracts based on the fulfillment or occurrence of specific events.
- Frustration is an unforeseen event that makes contract performance impossible and can discharge the parties from further obligations.
- The Frustrated Contracts Act allows recovery of expenses from a deposit or the party who received a benefit before the frustrating event.
- Bankruptcy can release a person from many contractual obligations.
- Statute of limitations limits the time to enforce a contract through the courts.
- A breach of contract occurs when a party fails to fulfill its obligations, opening them up to a claim for damages by the other party.
- Breach can occur through express repudiation, actions making performance impossible, or failure to perform a vital term of the contract.
- Courts commonly provide monetary remedies for breached contracts, and limitation of liability clauses can cap damages resulting from a breach.
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