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43 > Discharge > Flashcards

Discharge Flashcards

1
Q

What are the five different ways of discharging a contract?

A
  1. Agreement
  2. Performance
  3. Impossibility of performance
  4. Operation of law
  5. Breach of contract
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2
Q

Agreement Parameters?

A
  1. Can be waived, substituted or provision in contract
  2. Waiver agreements are what can discharge contract (both unhappy)
  3. Substitution of new contract is called novation
  4. Proviso (something in contract specifically states how contract ends, 2 of these)
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3
Q

In relation to Proviso, what is condition precedent and condition subsequent?

A

Condition Precedent - If term is met, contract proceeds, if not, terminated

Condition Subsequent - If something does not happen contract will not proceed

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4
Q

Performance Parameters?

A

Once performed, obligation is finished. Contract ends

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5
Q

Impossibility of Performance Parameters?

A
  1. Sometimes it becomes impossible to perform
  2. Impossibility through no fault of yours
  3. Frustration of contract (force measure)
  4. For example, person is no longer able to do it safely because they are sick
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6
Q

Operation of Law Parameters?

A
  1. When the law permits you to end contract (statues)
  2. Statue of limitations
  3. Direct sellers act - given until next EOD to void
  4. Example: payday loans must be specific
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7
Q

What is the statue that regards Bankruptcy in Canada?

A

Bankruptcy and Insolvency Act

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8
Q

What are the points of Bankruptcy Law?

A
  1. Provide and orderly fair distribution of aid debtors assets amongst the creditors
  2. Provide insolvent but unfortunate debtor an opportunity to receive a discharge and star tall over again with a clean slate
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9
Q

What are the 3 type of categories for creditors?

A
  1. Secured creditor
  2. Preferred creditor
  3. Ordinary creditor
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10
Q

Secured Creditor?

A
  • Legal right to seize assets of bankruptor

- May have a debenture security, chattel mortgage, or mortgage on real estate

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11
Q

Preferred creditor

A
  • Funeral expenses

Trustees, wages due to any employees but limited to 6 months at a max of $2000

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12
Q

Ordinary Creditor

A
  • Very rare if they get paid a dollar owing to them
  • Dividing the Money pro rate is what it is called by dividing total amount of money left and total debt in total, and splitting it amongst all creditors
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13
Q

What are the two ways a person can end in bankruptcy?

A
  1. Voluntary assignment

2. Petition

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14
Q

What is the main alt to bankruptcy?

A

Proposal:
1. Meet with a trustee and make a proposal

Division 1 - Deals with corporations and with individuals who owe over $250,000

Division 2 - Individuals who owe under $250,000

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15
Q

What Is the company creditors arrangement act?

A
  • Corporations that owe over 5mil
  • Puts a stay against any claims for money against the corporation
  • Debtor seeking protection must submit plan for reorganization
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16
Q

What is farm debt meditation act?

A
  • Farmers cannot be petitioned into bankruptcy
  • Can make voluntary sign in bankruptcy
  • Only happens when farmers cannot meet obligations when it is due or if property was all sold and can’t pay debts
17
Q

Breach of Contract Parameters?

A

Damages - when there is a right to remedy

18
Q

What are the two ways that a breach happens?

A
  1. Anticipatory breach

2. Failure to preform

19
Q

Breach: Anticipatory

A

Other party of contract is notified ahead of time, the individual is not going to perform

20
Q

Breach: Failure to Perform

A

Individual does not perform contract

21
Q

Compensation Objective:

A

To put the hurt party back in the state prior to breach of contract

22
Q

What do we look at before we start a lawsuit?

A
  1. What are the chances of success

2. If successful what are the damages?

23
Q

What are the four types of damages?

A
  1. General
  2. Special
  3. Nominal
  4. Punitive/exemplary
24
Q

General Damages

A

Pains and suffering

25
Q

Special Damages

A

Out of pocket damages

26
Q

Nominal

A

$1

27
Q

Punitive/Exemplary

A

Awarded as punishment not to enrich, but as an example to others

28
Q

Liquidated Damages?

A

Damages that are agreed upon ahead of time in the contract in event of breach

29
Q

What is the interest act?

A
  • Federal statue
  • If you receive a bill or agree to an invoice
  • Interest must be listed as a per annum basis
30
Q

De minimum not curat lex

A

If something is exceedingly small, the law has no remedy

43 (8 decks)

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