Chapter 9: Contractual Performance and Breach

A third party, who is not an original contracting party, to whom contractual rights or duties or both are transferred. This party may enforce the original contract

A transfer of contractual rights

An original contracting party who assigns or transfers contractual rights or duties or both to a third party

A UCC code defense to contractual nonperformance based on the happenings that greatly increase the difficulties of performance and that violate the parties reasonable commercial expectations

Mutual conditions under which each party's contractual performance is triggered by the other party's tendering (offering) performance

An even in the law of contracts that must occur before duty of immediate performance of the promise arises. Contracts often provide that one party must perform before there is a right to performance by the other party. For example, completion of a job is often a condition precedent to payment for that job. One contracting party's failure to perform a conditon precedent permits the other party to refuse to perform, cancel the contract, and sue for damages

A fact that will extinguish a duty to make compensation for breach of contract after the breach has occured

The physical transfer of something. In sale-of-goods transactions, delivery is the tranfser of goods from the seller to the buyer

In bankruptcy the forgiving of an honest debtor's debts. In contract law an act that forgives further perform-ace of contractual obligation

In contract law the legal obligation of a party to a contract

Conditions that are explicitly set out in a contract

A defense to contractual nonperformance based on special circumstances that render the performance illegal, physically impossible, or so difficult as to violate every reasonable expectation the parties have regarding performance

Conditions to a contract that are implied by the law rather than contractual agreement

The substitution of a new contract in place of an old one

Legal proof based on oral statement; with regard to a document, any evidence extrinsic to the document itself

The relinquishment of a right or claim against another party

Degree of performance recognizing that a contracting party has honestly attempted to perform but has fallen short. One who has substantially performed is entitles to the price promised by the other less that party's damages.

The offer by one contracting party to perform a promise; usually associated with the offer to pay for or to ship items under the contract

Persons who are recognizied as having enforceable rights created for them by a contract to which they are not parties and for which they have given no consideration

An express or implied relinquishment of a right