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Lecture Business law: The ethical, global, and e-commerce environment (15/e): Chapter 18 - Mallor, Barnes, Bowers, Langvardt

Chapter 18 - 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. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 3 Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Contracts P A R T 3 Capacity to Contract Illegality Writing Rights of Third Parties Performance and Remedies Contracts P A R T Performance and 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 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 Entering into a contract evidences an intention to perform (complete) obligations under the contract Generally, each party performs the promise and is discharged (released) | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 3 Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Contracts P A R T 3 Capacity to Contract Illegality Writing Rights of Third Parties Performance and Remedies Contracts P A R T Performance and 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 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 Entering into a contract evidences an intention to perform (complete) obligations under the contract Generally, each party performs the promise and is discharged (released) from further obligation If a party fails to perform as expected, courts may be asked to determine the respective rights and duties of the parties Overview Sometimes a promisor’s duty to perform depends on the occurrence of some event or condition, an uncertain, future event A condition may be classified as a: Condition precedent Condition subsesequent Condition concurrent Conditions in a Contract 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 A condition is an uncertain, future event that affects a party’s duty to perform Condition Precedent A future, uncertain event creating a duty to perform Example: Tisha contracts to buy a house on the condition she is able to obtain financing. Contract arises and she is obligated to purchase the house once she obtains financing If the condition does not occur, performance does not become due. If .