Discharge Of A Contract Flashcards
What is frustration?
When a supervening event occurs without the fault of either party
What are the four ways to discharge a contract?
Performance
Agreement of parties
Breach
Frustration
Until an entire obligation has been performed
A party cannot recover payment for the partial performance
How can courts grant a recovery of payment in cases where the obligation has not been fully performed?
Breaking the entire obligations to a series of entire obligations.
Where a party has substantially performed his obligations
Innocent party accepts partial obligation
What is a repudiatory breach?
Where one party refuses to perform an act. No further performance
Repudiatory breaches consider what?
The standard of performance to be met
The type of term breached
How is it ascertained if a breach of contract has occurred?
Nature of the term
Standard if performance
When can an innocent party terminate the contract?
A breach if condition
A breach of a sufficiently serious innominate
What is the difference in rescission for breach and rescission for misrepresentation?
Breach ends future obligations
Misrepresentation ends all
What happens where an innocent party elects not to terminate the contract?
Said to have affirmed it
In an anticipatory breach, when can the damages be claimed?
Before the time is fixed for the performance
