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Chapter 17 & 18 Notes

by: Nichole Laverde

Chapter 17 & 18 Notes Business Law 301

Nichole Laverde
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About this Document

These notes are from chapters 17 and 18 and will be covered on the next exam.
Business Law I
Kevin Long
Class Notes




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This 3 page Class Notes was uploaded by Nichole Laverde on Tuesday March 29, 2016. The Class Notes belongs to Business Law 301 at The University of Tennessee - Martin taught by Kevin Long in Spring 2016. Since its upload, it has received 96 views. For similar materials see Business Law I in Business at The University of Tennessee - Martin.


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Date Created: 03/29/16
Chapter 17  3 party rights o assignment, the assignor assigns right, assignee receives (getting someone else to assign a contract)  assignability- most OK, personal services NO, public policy NO, contracts POSSIBLE o delegation-duty, obligation (giving to someone else)  assumption of the duties-both delegor & delegee liable  Does not extinguish obligation from delegor  Novation- new contract that replaces an old one rd rd  3 party rights-if a 3 party get rights on a contract o intended: standing to sue (to enforce their rights as rd the 3 party allowed rights from the contract) o incidental: not intended, only benefit, cannot sue Chapter 18  conditions o precedent- conditioned precedent o concurrent- right to buy right to pay o subsequent- obligated on part of precendent  express-say it o implied in fact-not actually said but ‘you know’ o implied in law- conditioned precedent applied by law has to be legal satisfaction of a ‘reasonable third party’  excuse o prevention/hindrance-someone prevents/hinders you from completing something, they cant sue you for it not being done o waiver/estoppel- if you don’t let them do something you waive your right to do it and cant argue it  standards o strict performance-person who pays for performance can get out unless you perform 100% o substantial- they have to pay but they get damages o good faith-you’ re the person paying & it’s not performed o material breach- no pay but if in good faith-benefit conferred o specific performance- you have to do exactly what you’re meant to do  breach o material- denies you value of what trying to get-no pay o time- only a material breach if the contract says “time is of the essence” o anticipatory repudiation- absolutely sure they cant perform under the contract or telling you they wont do it, entitles person owed obligation  1. Go ahead and sue them  2. Cover, get someone else to do it/replace o quasi- have to pay for what’s done, benefits received  excuses o impossibilities- not just difficult, cost of raw materials is never o death/illness o supervening illegality o destruction  legal remedies  compensatory- compensate, loss in value  punitive- what we do to punish someone for not doing what they’re supposed to o reasonably certain- track record, done it before o foreseeable 2 o duty to mitigate- replace losses w/o suing anyone o nominal- breached but not hurt o liquidated- agreed to beforehand in a contract  both- difficult to ascertain, compensatory not punitive  equitable remedies o specific performance- unique item  purchase of real estate always unique  never personal services o injunction- order to not do something o restitution- suing for getting item back 3


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