Contract Cancellation due to a Breach of Contract Submitted by Victoria Wyatt Prepared for Dr. Maverick Acquisition Law Spring 07 18 May 2007 CERTIFICATE OF AUTHORSHIP: I certify that I am the author. I have cited all sources from which I used data‚ ideas‚ or words‚ either quoted directly or paraphrased. I also certify that this paper was prepared by me specifically for this course. ______________________________________________ Signature Date Overview
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| Breach of Contract in the Business World | | | | | | | Table of Contents Executive Summary iii I. Introduction 1 II. Breach of Contract 1 III. Immaterial Breach of Contract 1 IV. Material Breach of Contract 2 V. Remedies 3 VI. Remedies at Law 3 VII. Remedies in Equity 5 VIII. Summary 6 IX. Bibliography 8 Executive Summary This paper discusses the legal concept of a breach of contract and the options a business has in pursuing a breach of contract
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Question TWO What is a "Breach of Contract"? A business contract creates certain obligations that are to be fulfilled by the people or companies who entered into the agreement. In the eyes of the law‚ a party’s failure to fulfil an end of the bargain under a contract is known as a "breach" of the contract. Depending on the specifics of the contract‚ a breach can occur when a party fails to perform on time‚ does not perform in accordance with the terms of the agreement‚ or does not perform at all
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Frustration Anticipatory Breach • Before the time of performance one party refuses to perform – Hochster v De la Tour Does the DEFENCE of frustration apply? • Unforseeable event • After formation of contract • No fault of either party Identify breach and categorise the term breached. Breach of warranty- Damages only‚ Breach of condition - Immediate right of election (even if breach is anticipatory – Hochster v De La Tour). Innocent party can elect to continue with the contract
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One of the most significant principles of the Law of Contract is that of the capacity of the parties to enter into the contractual agreement freely. Therefore‚ freedom of contract lies at the core of the contractual agreements. Once a valid contract has been entered into‚ each party is expected to undertake their obligations without fail. However‚ the doctrine of frustration sometimes intervenes in a manner that undermines the principle that parties ought to keep their agreements. This paper discusses
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Discuss the grounds of termination of contract and remedies available for breach of contract. Further‚ discuss the most appropriate remedy (in your opinion) for breach of contract in a market economy. Grounds of Termination of Contract: Termination of a contract takes place when the parties to the contract are released from their contractual obligations. Contract termination may take in a number of ways which are: 1. By breach of contract. A breach of contract takes place when a party fails to
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Contract Performance Joseph Dorow Strayer University BUS 501 Government Acquisition Instructor: Dr. Vic Villarreal December 2012 Contract Performance Summarize the report‚ with particular attention to the issue of contract performance. I chose the report with a Lancer Clothing Corporation protest alleging “Workroom for designers does not have a commitment for the lining material supplier who is reputable‚ and that it lacks sufficient production capacity. Lancer also alleges that the principal
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available for breach of contract When signing a contract not only are you agreeing to the terms of this contract you are agreeing to the consequences if breach the contract. There are many remedies available if one of the party’s breaches the contract and if the party who breached the contract doesn’t agree to the consequences then the matter will be taken to court. A breach of contract can be defined as a party failing to perform‚ precisely and exactly‚ his obligations under the contract. However a
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Chapter 22 Performance and Discharge Laura Westensee Edited by Nikki Meltabarger I. Conditions in Contracts Under Common Law‚ a contract is an agreement involving a promise or set of promises enforceable by law. The Uniform Commercial Code uses this same definition of contract‚ but in a more limited sense pertaining to the sale of goods. A person who makes an offer is the offeror‚ while the person to whom the offer is made is the offeree. The offeree is given the power to create a legally
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FRUSTRATION Frustration is a state of inability to satisfy a need because of some barrier. Someone or something always seems to be intervening to keep us from satisfying our needs. In details of day-to-day living‚ we find that objects‚ other people‚ and our limitations are barriers that lead to frustration. Objects can be tremendous source of frustration. We’re hurrying to get into the house and the door sticks. It becomes an impersonal barrier. Seething more and more‚ getting angrier and angrier
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