How Contracts Come to an End

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Presentation transcript:

How Contracts Come to an End Chapter 6

Ending a Contract The law tells us when a contract can end so that people will know when their rights and duties conclude. By performance By agreement

Discharge by Performance Performance is a series of activities that fulfills the purpose of a contract. Time for performance - duties under the contract must be completed in reasonable time Satisfactory performance - completing the work in a satisfactory manner Substantial performance - completing all duties for the contract to end. Tender of performance - paying with money

Discharge by Agreement End a contract by mutual agreement. Possible substitution for another contract?

Involuntary discharge Sometimes contracts are discharged despite what the parties intend to do By impossibility of performance By operation of law

Discharge of Impossibility Death or illness in a personal service contract Destruction of the exact subject matter Situations of the contract become illegal

Breach of Contract A person fails to perform the duties spelled out by a contract. The effects of this depends on the case.

Discharge by Operation Wrongful alteration - changing of the contract illegally Statute of limitations - establishing a time limit Bankruptcy

FRAUD To win a lawsuit based on fraud: There must be a false representation of fact (a lie). The person who lied must know it was a lie. The lie must be made with the intent that it be relied on. The innocent party must reasonably reply on the lie. The innocent party must experience a loss.

Duress Act of destroying someone's free will by force, threat of force, or bodily harm. Physical - actual physical force is used to cause someone to enter a contract. Economic - threatening a persons income or business that makes a person enter a contact without real consent.

Undue influence Making inappropriate use of a persons power to create an agreement that is very favorable to the person with all the power. The existence of a caregiver-type relationship The use of excessive pressure by the caregiver A resulting contract that heavily favors the caregiver

Remedy and Damages What can you do if you think someone has not fulfilled a contract you had agreed to? You may accept the breach You may sue for money damages You may take the court for an equitable remedy $$$