Wk 10 - Breach of Contract and Remedies, Contract Termination Flashcards
1
Q
What is breach?
A
unjustified breach of contract term
2
Q
What are the four types of breach
A
- non-performance
- defective performance
- late performance
- anticipatory breach
3
Q
What are three reasonable justifications for breach?
A
- other party in breach
- non-cooperation of other party
- impossibility
4
Q
What are the two ways contracts can be breached?
A
- mutuality
- materiality
5
Q
What is mutuality?
A
Occurs in a contract whereby both parties have obligations. The rights of one party and the duties of another are counterparts
6
Q
What is materiality?
A
More serious breach
Greater range of remedies
Breach must go to root of contract in order for innocent party to rescind
