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Contracts III

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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  1. Contracts III

  2. 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

  3. 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

  4. 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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