Chapter 12 - Third parties, discharge, and remedies. After completing this chapter, students will be able to: Explain the legal rights given to all beneficiaries, identify the legal rights given to incidental beneficiaries, explain the assignment of rights and the delegation of duties, explain the nature of a novation,...
Trang 1Business Law with UCC
Applications,13e
Third Parties, Discharge,
and Remedies Chapter 12
McGrawHill/Irwin Copyright © 2013 by The McGrawHill Companies, Inc. All rights reserved.
Trang 2Learning Objectives
1 Explain the legal rights given to all
beneficiaries
2 Identify the legal rights given to incidental
beneficiaries
3 Explain the assignment of rights and the
delegation of duties
4 Explain the nature of a novation
5 Relate what constitutes satisfactory
performance of a contract
Trang 3Learning Objectives
6 Outline the difference between complete and
substantial performance
7 List the ways that a contract can be discharged
by nonperformance
8 Clarify the concept of anticipatory repudiation
9 Enumerate the types of damages available in
the event of a breach of contract
10.Contrast specific performance with injunctive
relief
Trang 4Third Parties, Discharge,
and Remedies
• Contracts and Third Parties
– Intended Beneficiaries
– Incidental Beneficiaries
Trang 5Third Parties, Discharge,
and Remedies
• Intended beneficiaries
– Creditor beneficiaries
– Donee beneficiaries
– Insurance beneficiaries
Trang 6Third Parties, Discharge,
and Remedies
• The Law of Assignment
– Assignment and Delegation
– Parties to Assignment
– Consideration in Assignment
– Assignment Methods
Trang 7Third Parties, Discharge,
and Remedies
• Assignment methods
– Form of assignment
– Notice of assignment
– Subsequent assignments
Trang 8Third Parties, Discharge,
and Remedies
• Assignment Rights, Duties, and
Restrictions
– Rights and Duties of the Assignee
– Liabilities and Warranties of the Assignor
– Restrictions on Assignments
– Novation and Assignment
Trang 9Third Parties, Discharge,
and Remedies
• Liabilities and Warranties of the Assignor
– Warranties to the assignee
– Warranties to the obligor
Trang 10Third Parties, Discharge,
and Remedies
• Restrictions on assignments
– Restrictions on personal and professional
contracts
– Restrictions imposed by original contract
– Restrictions imposed by law
Trang 11Third Parties, Discharge,
and Remedies
• Discharge by Performance
– Time of Performance
– Satisfactory, Complete, and Substantial
Performance
– Conditions and Tender of Performance
Trang 12Third Parties, Discharge,
and Remedies
• Conditions and tender of performance
– Conditions of performance
– Tender of performance
Trang 13Third Parties, Discharge,
and Remedies
• Discharge by Nonperformance
– Discharge by Agreement
– Discharge by Impossibility and by Law
– Discharge by Breach
Trang 14Third Parties, Discharge,
and Remedies
• Discharge by agreement
– Termination by terms of the contract
– Mutual rescission
– Termination by waiver
– Novation
– Accord and satisfaction
– General release
Trang 15Third Parties, Discharge,
and Remedies
• Discharge by Impossibility and by Law
– Types and Conditions of Impossibility
– Frustration-of-purpose doctrine
– Commercial impracticability
Trang 16Third Parties, Discharge,
and Remedies
• Discharge by Breach of Contract
– Deliberate breach of contract
– Repudiation and anticipatory breach
– Abandonment of contractual obligations
Trang 17Third Parties, Discharge,
and Remedies
• Damages and Equitable Remedies
– Damages in Contract Law
– Equitable Remedies in Contract Law
Trang 18Third Parties, Discharge,
and Remedies
• Damages in contract law
– Actual or compensatory damages
– Incidental and consequential damages
Trang 19Third Parties, Discharge,
and Remedies
• Punitive or exemplary damages
– Fraudulent misrepresentation
– Nominal damages
– Present and future damages
– Liquidated damages
– Damages under quantum merit
– Speculative damages
– Mitigation of damages
Trang 20Third Parties, Discharge,
and Remedies
• Equitable remedies
– Specific performance
– Injunctive relief