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BTF1010 Week 5 Lecture Notes - Coggle Diagram
BTF1010 Week 5 Lecture Notes
Termination (contract comes to an end)
Soft
By Perfomance
Define = Parties complete their promises
By Partial performance - The party in breach can enforce the payment for any stages that have been performed.
By Substantial performance = Substantial = Performed it but with a defect (mistake).
By Agreement
Parties no longer wish to continue contract
Medium
By Frustration (contract has changed between parties due to unforeseen event, happens outside control of parties)
Hard
By Breach
Repudiation (1 party indicating that they will not honour the contract)
Breach in Performance
Remedies
Damages (monetary compensation for the innocent party)
Other remedies (equitable remedies - dont involve money)
Specific performance
Order of the court requiring a party to perform their obligations under the contract.
Injunctions
An order of the court restraining a person from doing a wrongful act (like breaching a contract).