BMGT 380 Exam 3 Questions And Answers Already Graded A+
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Course
BMGT 380
Institution
BMGT 380
Substantial performance standard - ️️slightly lower standard applied to duties that
are difficult to perform without some deviation from perfection in minor respects
-service contracts
4 excuses of conditions - ️️-party being benefited from condition has
prevented/hindered it from occur...
BMGT 380 Exam 3
Substantial performance standard - ✔️✔️slightly lower standard applied to duties that
are difficult to perform without some deviation from perfection in minor respects
-service contracts
4 excuses of conditions - ✔️✔️-party being benefited from condition has
prevented/hindered it from occurring
-waiver (automatically give up right to condition occurring)
-estoppel (when you've relied on my waiver/representation I am estopped from
asserting the condition)
-performance of condition becomes *impossible*
Timing and breaches - ✔️✔️-"time is of the essence" - timely performance is an
expressed condition so performing late is a material breach
-if no time specified must be done in reasonable time
--promisee can get losses caused by delay but NOT a material breach
Condition precedent - ✔️✔️when a future uncertain event creates the duty to perform
if that even doesn't occur then you don't have a duty to perfrom
Condition subsequent - ✔️✔️when a future uncertain event discharges duty to perform
ex: i promise to give you $500 a month, but if you fail out of college, i will not give you
the $500
--failing out of college (condition subsequent) cuts off the obligation to pay
Expressed condition - ✔️✔️contract spells out condition explicitly, court very strict
about requiring compliance, helde to performance standard
Implied condition - ✔️✔️not expressly stated but implied given facts and circumstances
Strict performance standard - ✔️✔️requires full or perfect compliance with the contract
terms
, Good faith performance - ✔️✔️-both parties but carry out contract in good faith
-broad and flexible duty implied by the law
Material breach - ✔️✔️-occurs when applicable performance standard (strict vs
substantial) has not been met
What happens if there's a material breach? - ✔️✔️-injured party has right to withhold
performance, may cancel contract, can sue for damages for total breach of contract
Non-material breach - ✔️✔️-occurs when breach isn't serious enough to be material
-only applies to substantial performance contract!!
What happens if there's a non-material breach? - ✔️✔️injured party can only sue for
the damages caused by the breach
-can't cancel contract
Anticipatory repudiation - ✔️✔️when parties breach the contract before duty is due
-material breach
ex: before my performance is due I tell you I will not perform
Options post anticipatory repudiation - ✔️✔️-withhold own performance and sue right
away
-recover damages for total breach
-wait it out and see if they change their mind and perform
Excuses for Nonperformance - ✔️✔️-impossibility
-both parties agree to discharge contract obligations
-one party waives their rights and other doesn't have to perform
Legal remedies for breach - ✔️✔️-Compensatory damages - compensate injured party
for loss
-liquidated damages - if amount reasonable and actual damages are hard to acertain
court will uphold
--ex sentimental things
-punitive damages - not recoverable unless allowed by statutue or defendant committed
fraud or another tort
Equitable remedies for breach - ✔️✔️-specific performance remedy - court orders
breaching party to perform duties as promised
--only available when there's no available legal remedy
-injunction - when a court orders someone to do/stop doing something
--only if breach is likely to cause irreparable injury
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