Contracts: Performance & Remedies Flashcards
1
Q
Performance
A
Precedent: qualify for mortgage
Subsequent: sumbit proof of loss from fire
Concurrent: tender money for tender of goods
2
Q
Discharge by agreement or party action
A
- failure of conditions (condition precedent doesn’t occur)
- Discharge by agreement
- Release: writing, voluntary, consideration
- Waiver: relinquishment of rights
- Mutual Rescission: agree no more debts
- Novation: new party is substituted
- Accord & Satisfaction: satisfy original contract either by original or different performance
3
Q
Discharge by operation of law
A
- Statute of limitations
- bankruptcy decree
- impossibility/impracticability
- death or insanity
- destruction of subject matter
- illegality
- commercial impracticability
4
Q
Discharge by performance
A
- each party has completed its obligations
- Substantial Performance
- any deviation done in good faith for practical reasons
- Personal satisfaction (reasonable person)
- Anticipatory breach (repudiation prior to performance and begin to pursue remedies)
5
Q
Discharge by material breach
A
if one party materially breaches, the other is no longer required to perform.
6
Q
Damages
A
- nominal
- compensatory
- Incidental
- consequential
- punitative (punishment)
- Liquidated (agreed to specific sum in contract)
7
Q
Remedies
A
- Specific Performance (force performance)
- Rescission & Restitution (same as b4 contract)
- Reformation (court correction of contract)
- Quasi-contract recovery (no contract, avoid unjust enrichment)
