LSTD Ch. 10 Contract

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LSTD Ch. 10 Contract performances, breach and remedies

Breach of contract and remedies

Remedies

Waiver of breach

Accept defective performance

Accept ones doesnt mean u accept always

Election of remedies

You cant have your cake and eat it too

Elect one

Reformation

Rewrite the contract

Oral contracts

Passed to writing

Mutual mistake

Fraud

Specific performance

Not for services

Performance of the contract

Unique

Restitution

Return goods

Rescission

Remedy where

Original position

Liquidated Damages

Reasonable quantities

Anticipate losses

Prearranged

Mitigation of damages

Person harmed needs to try to do something

Damages

Punitive

Nominal

Consequential

Pay profit

Compensatory

Sales of land

Land

Sales of goods

Money

Loss arisen by the breaching of the contract

Discharge

Discharge by agreement

Impossibility or Impracticability

Impracticability

Contract cannot be performed

Burden or hardship results

Unforseeable event

Impossibility

Illegal

Destruction of S/M

death/incapacity

Discharge by operation of law

Bankruptcy

Statutes of limitations

Limit to sue

Alteration of the contract

Discharge by Accord and Satisfaction

Accord

act as satisfying as the original

Discharge by Substituted Agreement

Substitute the agreement

Discharge by Novation

Third party substitutes

New contract is valid

Extinguish old contract

New contract

Valid obligation

Discharge by Rescission

Time for Performance

Stated

If not

Subtema

Doesnt erase the duty

Must comply

Implied

Anticipatory repudiation

Breach

Material breach of contract

Minor

Suspended performance

Material

Excused from performance

Performance

Satisfaction

Reasonable person

Personal

Substantial

Entitles to damages

Almost Complete

Complete

Act as agreed