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Module 4

Contract II - Discharge of Contracts

TermDefinition
Objective theory of contracts It determines the meaning and intent of the contract based on what a reasonable person would have believed was intended.
Parol Evidence Rule It states that no extrinsic evidence can be used to modify or contradict a written contract intended to be the final representation of the parties' agreement.
Conditions precedent in a contract These are events that must occur before a party is obligated to perform under the contract.
Conditions concurrent in a contract These are events that occur simultaneously with the duty to perform, and their non-existence can terminate the duty to perform.
Conditions subsequent in a contract These are events that occur after performance has begun and can terminate the obligation to perform.
Substantial Performance It occurs when one party has evidence suggesting the other party will not perform, allowing the innocent party to terminate the contract.
Waiver A waiver occurs when a party ignores a breach or fails to assert its rights, forfeiting the right to sue for that breach.
Impossibility of performance It is when it becomes objectively impossible for a party to fulfill their contractual duties, excusing them from performance.
Substantial Performance It occurs when a party has performed all material duties under a contract but not perfectly, allowing for a remedy based on the difference in value.
breach of contract A breach is a failure to perform the agreed-upon terms, which can be material or partial.
Material Breach It is a failure to perform an essential term of the contract, excusing the innocent party from their obligations.
Partial Breach It occurs when essential terms are performed but not perfectly, allowing the injured party to seek damages while still performing their duties.
Contract Remedies Remedies are measures imposed by a court against a breaching party to compensate the innocent party for injuries suffered due to the breach.
Equitable Remedies These include non-monetary compensation based on fairness, such as restitution, specific performance, reformation, and rescission.
Restitution (contract) Restitution involves returning previously tendered consideration to the innocent party following a breach.
Specific Performance It is a remedy requiring a party to fulfill their contractual duties, typically available for unique items like real estate.
Reformation of Contract Reformation corrects a contract to reflect the true agreement of the parties when there is a typo or error.
Rescission of Contract Rescission refers to terminating a contract after a breach has occurred.
Legal Remedies Monetary damages assigned by the court to compensate the innocent party for losses resulting from a breach.
Compensatory Damages An amount of money to compensate for direct losses resulting from a breach.
Consequential Damages Compensation for foreseeable indirect losses resulting from a breach, known to the breaching party at the time of contract.
Punitive Damages Damages intended to punish the defendant for wrongdoing, generally not available for breach of contract unless involving fraud.
Incidental Damages Small monetary payments awarded when there is little to no actual monetary damage.
Liquidated Damages A contract provision setting the amount of damages the innocent party will receive in the event of a future breach.
Mutual Mistake When both parties are mistaken about material terms of the contract, allowing for avoidance of the contract.
Discharge by Agreement When parties voluntarily agree to rescind a contract despite performance not being fulfilled.
impracticality of performance When performance is not impossible but has become impractical or exceedingly difficult due to unforeseen circumstances.
Frustration of Purpose When unforeseen circumstances defeat the underlying purpose of the contract, allowing for discharge.
Supervening Illegality When the consideration for the contract becomes illegal after execution, rendering the contract void.
Novation The substitution of one party to a contract with another, discharging the original contract.
Accord and Satisfaction An accord is a substitute consideration, and satisfaction is the payment or performance of that accord.
Created by: efacultyusg
 

 



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