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Contract (II)

Contract (II). Discharge of Contracts. Performance: Occurrence or nonoccurrence of condictions Discharge by agreement Discharge by impossibility Discharge by breach. Performance. complete substantial insufficient. Discharge by impossibility.

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Contract (II)

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  1. Contract (II)

  2. Discharge of Contracts • Performance: • Occurrence or nonoccurrence of condictions • Discharge by agreement • Discharge by impossibility • Discharge by breach

  3. Performance • complete • substantial • insufficient

  4. Discharge by impossibility • One party to a personal services contract dies; • The specific subject matter of the contract is destroyed; • A change in the law renders performance illegal; • Performance becomes commercially impractical

  5. Breach of Contract • Material breach (insufficient performence)

  6. Remedies • The Expectation Interest – putting the injured party in the same place he would have been had the contract been fully performed. • Reliance – Allowing the injured party to recover the expenses incurred due to his reliance on the contract being performed • Restitution – a “cancellation” of the contract where the injured party recovers only those payments he has made to the breaching party

  7. Damages • Compensatory • Consequential • Punitive • Nominal • Liqudated

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