Lecture Notes for LGLS 211 - The Legal Environment of Business with Boggio at Bryant (BU)

Notes Information

Material Type:Outline
Class:LGLS 211 - The Legal Environment of Business
Subject:Legal Studies
University:Bryant University
Term:Fall 2009
  • Condition Concurrent
  • Material Breach
  • Commercial Impracticability
  • Concurrent Conditions
  • Accord and Satisfaction
  • Performance
  • Statute of Limitations
  • Satisfaction
  • Repudiation
  • Entire Contract
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Sample Document Text

Chapter 17 Performance, Breach, and Discharge Conditions – Definition of a Condition: an event whose happening or non-happening affects a duty of performance – Express Condition: contingency explicitly set forth in language ○ Satisfaction: express condition making performance contingent upon one party’s approval of the other’s performance ○ Subjective Satisfaction: approval based upon a party’s honestly held opinion ○ Objective Satisfaction: approval based upon whether a reasonable person would be satisfied – Implied in Fact Conditions: contingency understood by the parties to be part of the agreement, though not expressed – Implied in law Conditions: contingency not contained in the language of the contract but imposed by the law; also called a constructive condition – Concurrent Conditions: conditions that are to take place as the same time – Conditions precedent: an event that must or must not occur before performance is due – Conditions Subsequent: an event that terminates a duty...

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