tailieunhanh - Lecture Business law: The ethical, global, and e-commerce environment (13/e): Chapter 18 - Mallor, Barnes, Bowers, Langvardt
Chapter 18 provides knowledge of performance and remedies. After completing this chapter, students will be able to: Explain the effect of conditions on the duty to perform a contract, distinguish strict from substantial performance, discuss the various remedies for breach of contract, list circumstances that can excuse performance. | Contracts Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent 3 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Contracts Capacity to Contract Illegality Writing Rights of Third Parties Performance & Remedies 3 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Performance & Remedies P A E T R H C 18 “It is an immutable law in business that words are words, explanations are explanations, promises are promises – but only performance is reality.” Harold S. Geneen, CEO of ITT, Managing (co-written with Alvin Moscow, 1984) Learning Objectives Nature and types of conditions in contracts Performance of contracts Breach of contract Excuses for non-performance Remedies for breach of contract 18 - Entering into a contract shows intention to complete obligations under the contract Generally, each party performs and is discharged (released) from | Contracts Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent 3 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Contracts Capacity to Contract Illegality Writing Rights of Third Parties Performance & Remedies 3 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Performance & Remedies P A E T R H C 18 “It is an immutable law in business that words are words, explanations are explanations, promises are promises – but only performance is reality.” Harold S. Geneen, CEO of ITT, Managing (co-written with Alvin Moscow, 1984) Learning Objectives Nature and types of conditions in contracts Performance of contracts Breach of contract Excuses for non-performance Remedies for breach of contract 18 - Entering into a contract shows intention to complete obligations under the contract Generally, each party performs and is discharged (released) from further obligation If a dispute arises over contract performance, remedies depend on contract terms and: Conditions, standard of performance expected, and excuses for non-performance Overview 18 - Condition precedent is a future, uncertain event creating a duty to perform Condition subsesequent is a future, uncertain event that discharges the duty to perform Condition concurrent is when the contract calls for parties to perform at the same time Condition excused by prevention, waiver, estoppel, and impossibility See Silvestri v. Optus Software Conditions in a Contract 18 - General comments: Compare a conditional duty to duties that are unconditional or absolute in which the duty to perform does not depend on the occurrence of any further event other than the passage of time Condition precedent example: Tisha contracts to buy a house on the condition she is able to obtain financing. The contract arises and she is obligated to purchase the house once she obtains financing If the
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