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presented in contracts:
CURRENT CONDITIONS Types of Conditions CONDITIONS SUBSEQUENT CONDITIONS PRECEDENT CURRENT CONDITIONS A condition that must be fulfilled before a party's performance can be required . When a condition operates to terminate a party's absolute promise to perform.
The condition follows, or is subsequent to, the time that the absolute duty to perform arose. When a party's performance is conditioned on the other party's performance or tender of performance.
They occur only when the contract calls for the parties to perform their respective duties simultaneously. IMPLIED CONDITIONS are understood to be part of the agreement, but they are not found in the express language of the agreement.
Conditions are often implied when they are necessarily inherent in the actual performance of the contract. EXPRESS AND IMPLIED CONDITIONS EXPRESS CONDITIONS are provided for
by the parties' agreement.
Although no particular words are necessary, express conditions are normally prefaced by the words:
IF, PROVIDED, AFTER, OR WHEN. Tender Is an unconditional offer to perform by a person who is READY, WILLING & able to do so. A party who in good faith performs substantially all of the terms of a contact can enforce the contract against the other party under the doctrine of substantial performance. COMPLETE PERFORMANCE When a party performs exactly as agreed, there is no question as to whether the contract has been performed.
When a party's performance is perfect, it is said to be complete. SUBSTANTIAL PERFORMANCE GOOD FAITH IS REQUIRED!
INTENTIONAL FAILURE TO COMPLY THE TERMS IS A BREACH OF CONTRACT! By Adelina Gonzalez Material Breach of a Contract If not time for performance is stated in the contract, a reasonable time is implied. Anticipatory Repudiation DISCHARGE BY PERFORMANCE It is the nonperformance f a contractual duty. The breach is material when performance is not at least substantial. Before either party to a contract has a duty to perform, one of the parties may refuse to carry out his or her contractual obligations. Time for Performance DISCHARGE BY RESCISSION DISCHARGE BY SETTLEMENT AGREEMENT DISCHARGE BY ACCORD AND SATISFACTION ANY CONTRACT CAN BE DISCHARGED BY AGREEMENT OF THE PARTIES.
THE AGREEMENT CAB BE CONTAINED IN THE ORIGINAL CONTRACT, OR THE PARTIES CAN FORM A NEW CONTRACT FOR THE EXPRES PURPOSE OF DISCHARGING THE ORIGINAL CONTRACT. Rescission is the process by which a contract is canceled or terminated and the parties are returned to the positions they occupied prior to forming it. For Mutual Rescission to take place, the parties must make another agreement that also satisfies the legal requirements for a contract.
THERE MUST BE:
CONSIDERATION IF THE PARTIES AGREE TO RESCIND THE ORIGINAL CONTRACT, THEIR PROMISES NOT TO PERFORM THE ACTS STIPULATED IN THE ORIGINAL CONTRACT WILL BE LEGAL CONSIDERATION FOR THE SECOND CONTRACT (the rescission). DISCHARGE BY NOVATION A Novation occurs when both parties to a contract agree to substitute a third party for one of the original parties. REQUIREMENTS: A previous valid obligation
An agreement by all parties to a new contract
The extinguishing of the old obligation
(discharge of the prior party)
A new contract that is valid A compromise, or settlement agreement, that arises out of a genuine dispute over the obligations under an existing contract will be recognized at law.
Such an agreement will be substituted as as a new contract, and will either expressly or impliedly revoke and discharge the obligations under any prior contract. IT DOES NOT INVOLVE A THIRD PARTY For a contract to be discharged by accord and satisfaction, the parties must agree to accept performance that is different from the performance originally promised. ACCORD : Is a contract to perform some act to satisfy an existing contractual duty that is not yet discharged.
SATISFACTION: Is the performance of the accord agreement. ALTERATION OF THE CONTRACT STATUTES OF LIMITATIONS BANKRUPTCY IMPOSSIBILITY OR IMPRACTICABILITY OF PERFORMANCE To discourage parties from altering written contracts, the law operates to allow an innocent party to be discharged when the other party has materially altered a written contract without consent. Statutes of limitations restrict the period during which a party can sue on a particular cause of action.
After the applicable limitations period passed, a suit can no longer be brought. A proceeding in bankruptcy attempts to allocate the debtors' assets to the creditors in a fair and equitable fashion. A DISCHARGE IN BANKRUPTCY will ordinarily bar enforcement of most the debtor's contracts by the creditors. Partial payment of a debt AFTER discharge in bankruptcy WILL NOT revive the DEBT. Supervening events may make performance impossible in an objective sense. OBJECTIVE IMPOSSIBILITY OF PERFORMANCE TEMPORARY IMPOSSIBILITY FRUSTRATION OF PURPOSE "It Can't be Done"
"I'm sorry, I simply can't do it" Objective Impossibility VS Subjective Impossibility An occurrence or event the makes performance temporarily impossible operates to suspend performance until the impossibility ceases A theory closely allied with the doctrine of commercial impracticability is the doctrine of frustration of purpose.