LSTD Ch. 10 Contract performances, breach and remedies

Performance

Complete

Act as agreed

Substantial

Almost Complete

Entitles to damages

Satisfaction

Personal

Reasonable person

Material breach of contract

Material

Excused from performance

Minor

Suspended performance

Anticipatory repudiation

Breach

Time for Performance

Implied

Stated

Must comply

If not

Doesnt erase the duty

Subtema

Discharge by agreement

Discharge by Rescission

Discharge by Novation

Third party substitutes

Valid obligation

New contract

Extinguish old contract

New contract is valid

Discharge by Substituted Agreement

Substitute the agreement

Discharge by Accord and Satisfaction

Accord

act as satisfying as the original

Discharge by operation of law

Alteration of the contract

Statutes of limitations

Limit to sue

Bankruptcy

Impossibility or Impracticability

Impossibility

death/incapacity

Destruction of S/M

Illegal

Impracticability

Unforseeable event

Burden or hardship results

Contract cannot be performed

Remedies

Damages

Compensatory

Loss arisen by the breaching of the contract

Sales of goods

Money

Sales of land

Land

Money

Consequential

Pay profit

Nominal

Punitive

Mitigation of damages

Person harmed needs to try to do something

Liquidated Damages

Prearranged

Anticipate losses

Reasonable quantities

Rescission

Remedy where

Original position

Restitution

Return goods

Specific performance

Performance of the contract

Unique

Not for services

Reformation

Rewrite the contract

Fraud

Mutual mistake

Oral contracts

Passed to writing

Election of remedies

You cant have your cake and eat it too

Elect one

Waiver of breach

Accept defective performance

Accept ones doesnt mean u accept always

Reasonable person