LWC Chapt 17 Flashcards.txt

• Material Breach
• Minor breach
• Anticipatory Breach
• Mutual rescission
• Accord and satisfaction

occurs when on party doesn't fulfill the essential terms of the contract.

occurs when the essential terms of the contract are fulfilled but one of the parties was inconvenienced rather than suffering loss or damage

occurs if one of the parties of the contract states, before the breach occurs, that it will not be able to fulfill its obligation. can also occur when actions imply that they wont be able to fulfill obligations

takes the form of a contract(has 5 elements of a contract) ending the contract.

occur when both parties agree to except a performance of the contract.different from that originally agreed to.

• 1 - Parties have met all duties under the contract, Full Performance
• 2 - Parties agree to discharge

• Strict performance
• Substantial performance

requires one party to fulfill its duties perfectly

performs contract duties well enough to be entitled to full contract price minus any defects.

interpreted under an objective standard, requiring reasonable grounds for dissatisfaction, unless the work involves personal judgement and the parties intended a subjective standard.

when party fails to perform a duty w/o a valid excuse

One party seeks discharge w/o fulfilling his contract obligation

Something happens making it impossible to do what the promisor said he would.

• 1 - Destruction of subject matter
• 2 - Death of promisor in personal service matter that cannot be transferred to someone else
• 3 - illegality

• Commercial Impracticability-some unexpected event has made it extraordinarily difficult and unfair for one party to perform its obligation
• Condition precedent-some event had to occur b4 obligated to pay.

event that must occur before a party becomes obligated. may be stated expressly or implied, and no formal language is necessary to create one

• 1 - Condition precedent- some event must occur b4 obligated to pay.
• 2 - Condition subsequent - must occur after duty arises
• 3 - Concurrent conditions - both parties have a duty to perform simultaneously.

some event occurs that neither party anticipated and performing contract would be difficult and unfair to one party

may occur when an unexpected event renders a contract completely useless to one party.