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Law of contracts 2 & 3 (Discharge of contracts (Frustration:…
Law of contracts 2 & 3
Terms and conditions: in the course of negotiating a contract, parties often make statements which may or may not be intended to be part of the eventual contract.
Terms: Statements which form part of the agreement, sets out the duties and rights of each party; can be oral, written or both
Representations: Usually made before the agreements is entered into and do not form part of the final contract
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Conditions, Warranties and Innominate Terms
Conditions: very important term of a contract, one which goes to the root of the contract; if breaches, innocent party can refuse to perform his part
Warranties: Not so important; if breaches, contract is still intact; innocent party cannot refuse to perform his part
Innominate Terms: Between conditions and warranties; the remedy depends on the seriousness (Hongkong Fir Shipping Co Ltd v. Kawasaki Kaisen Kaisha Ltd (1962)) The ship
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Exemption Clause: a type of contractual term which is inserted into contracts for the purpose of excluding or limiting the liability of one of the parties to the contract
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Discharge of contracts
Performance : all parties have carried out their respective promises and obligations under the contract
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Agreement
If contract itself contains a term which sets out the method by which the contract is to be discharged, terminate automatically upon happening of an event (never pay so cannot stay); expiry of time; prescribed procedure termination of notice
Acceptance of breach: Takes place when one party does not comply with the terms of a contract!!!! ONLY IF BREACH IS A CONDITION (CAN DISCHARGE) AND NOT A WARRANTY; IF WARRANTY ONLY CAN SUE FOR DAMAGES
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Anticipatory breach (want me to perform but don't want me in the end) OPTIONS: 1. accept the anticipatory breach & before waiting; treat as discharge and sue 2. Reject and insist contract should be performed (REMEDY: SPECIFIC PERFORMANCE)
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