End Contracts - Law of Contract - Lecture Slides, Slides of Contract Law

Download End Contracts - Law of Contract - Lecture Slides and more Slides Contract Law in PDF only on Docsity! Contract Law Presentation Ways to End Contracts Docsity.com Tender • Tender is an unconditional offer to perform by a person who is ready, willing or able to do so Docsity.com Example • Erin and Ben contract with Euron Construction Company to build their house. The contract specifies that Ace Brand Plasterboard be used for walls. The builder cannot get Ace Brand and installs Diamond Brand instead. All other features of the house conform to the contract. Does this discharge the buyers from paying for the house upon completion? Docsity.com Breach • Failure to perform part or all of required duties Docsity.com Anticipatory Breach • Act by 1 party to a contract that tells other party that they will not perform when it comes to do so Docsity.com Example of Mutual Rescission • A player is traded to a team that is very bad and has no shot of winning a championship. The player absolutely hates and doesn’t want to go there at all. The player and his agent meet with the team general manager and owner and the general manager understands why the player doesn’t want to go there so they both agree to end the terms of the contract and the player is released. Docsity.com Example of Novation Pear agrees to sell his car to Orange for $3000. Orange then decides he doesn’t want to purchase the car anymore and then Grape comes in and says he wants to buy the car from Pear. Pear agrees and sells the car to Grape. Docsity.com Ways to Discharge by Operation of the Law • Statute of Limitations – Statute that requires anyone claiming a legal right against another to begin proceeding to enforce in a specific period of time • Bankruptcy – Proceeding under Federal Bankruptcy code where all assets of debtor are distributed to creditors. The debtor is then discharged or excused from legal obligation to pay most debts • Discharge by Impossibility of Performance – Doctrine by which a party to a contract is relieved of his or her duties because is impossible Docsity.com