Contracts iii
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Contracts III. Discharge & Breach. Rescission: no consideration necessary Accord and satisfaction: different performance Modification: different agreement Novation: different person

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Contracts III

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Contracts iii

Contracts III


Discharge breach

Discharge & Breach

  • Rescission: no consideration necessary

  • Accord and satisfaction: different performance

  • Modification: different agreement

  • Novation: different person

  • Later unforeseen events (frustration of purpose, impracticability, impossibility, failure of condition precedent)

  • Anticipatory repudiation

  • Material breach v. non-material breach


Damages

Damages

  • There is always a duty to mitigate

  • Different types of damages:

  • Expectation damages

  • Reliance damages

  • Restitution damages

  • Incidental damages

  • Consequential damages

  • Punitive damages

  • Liquidated damages


Damages1

Damages

  • Non-monetary remedies:

  • Specific performance:

  • 1) valid contract

  • 3) legal remedy inadequate

  • Real estate generally specific performance, except if BFP

  • Services contracts no specific performance

  • Equitable remedies: rescission of contract


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