discharging contractual obligations

Question 1

what is included in a discharging of contractual obligations

Answer 1

discharge by performance
discharge by breach
discharge by frustration
discharge by agreement

Question 2

discharge by performance

Answer 2

• parties have performed as required under the contract

Question 3

conditions vs warranties

Answer 3

major terms in an agreement is a condition
- if a condition is breached after the contract is in place, the victim can treat the contract or discharged

minor terms in an agreement is a warranty
- if warranty is breached, the failure is not considered serious enough to discharge the contract

Question 4

discharge by breach

Answer 4

• a party to a contract does not fulfill obligations

Question 5

remedies for breach

Answer 5

rescission
- returns parties to original positions

damages
- improper or incomplete performance

equitable remedies
- available to a victim is compensations of damages is not enough

repudiation
- refusal of one party to perform

Question 6

discharge by frustration

Answer 6

• outside unforseen event that is out of the control of either party occurs
• illness, destruction of subject matter
• ends contractual obligations

Question 7

discharge by agreement

Answer 7

• may modify or end contract by agreement
• all elements of contract must be present
• need consent from other party