3 - termination of contract Flashcards
what is a severable contract
a number of obligations means that the contract can be discharged through performance of only part of the obligations
what happens if it is possible to perform a contract when it is made
there is no contract
what happens if impossibility arises after the contract has formed
the parties can negotiate escape clauses
what happens if neither party can negotiate an escape clause and what is it called
the contract ends and it is discharged by frustration
what are the 3 consequences of frustration
- any money paid is to be repaid
- any sums due cease to be payable
- if any party has a valuable benefit other than money, this must be repaid
what is an example of a repudiatory breach
very serious breach
where the breach is of a term that is fundamentally important
or the breach has the effect of depriving one party of the whole benefit
what is an anticipatory breach
when one party renounces obligations by showing they have no intention of performing them
what are the two options with an anticipatory breach
treat the contract as discharged immediately
allow the contract to continue until the actual breach
what is a mandatory injuction
directing the defendant to take positive steps to undo something they have done in breach of contractw
what is a prohibitory injuction
requries to defendant to observe a negative promise in a contract
what is an asset-freezing injunction
prevents the defendant from dealing with assets where they think the defendant might export assets
what is UCTA 1977
unfair contract terms act 1977
