Lecture Business law with UCC applications (13/e): Chapter 12 - Brown, Sukys

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,...

Business Law with UCC Applications,13e Third Parties, Discharge, and Remedies Chapter 12 McGraw­Hill/Irwin         Copyright © 2013 by The McGraw­Hill Companies, Inc. All rights reserved Learning Objectives 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 Relate what constitutes satisfactory performance of a contract 12­2 Learning Objectives Outline the difference between complete and substantial performance List the ways that a contract can be discharged by nonperformance Clarify the concept of anticipatory repudiation Enumerate the types of damages available in the event of a breach of contract 10.Contrast specific performance with injunctive relief 12­3 Third Parties, Discharge, and Remedies • Contracts and Third Parties – Intended Beneficiaries – Incidental Beneficiaries 12­4 Third Parties, Discharge, and Remedies • Intended beneficiaries – Creditor beneficiaries – Donee beneficiaries – Insurance beneficiaries 12­5 Third Parties, Discharge, and Remedies • The Law of Assignment – Assignment and Delegation – Parties to Assignment – Consideration in Assignment – Assignment Methods 12­6 Third Parties, Discharge, and Remedies • Assignment methods – Form of assignment – Notice of assignment – Subsequent assignments 12­7 Third 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 12­8 Third Parties, Discharge, and Remedies • Liabilities and Warranties of the Assignor – Warranties to the assignee – Warranties to the obligor 12­9 Third Parties, Discharge, and Remedies • Restrictions on assignments – Restrictions on personal and professional contracts – Restrictions imposed by original contract – Restrictions imposed by law 12­10 Third Parties, Discharge, and Remedies • Discharge by Performance – Time of Performance – Satisfactory, Complete, and Substantial Performance – Conditions and Tender of Performance 12­11 Third Parties, Discharge, and Remedies • Conditions and tender of performance – Conditions of performance – Tender of performance 12­12 Third Parties, Discharge, and Remedies • Discharge by Nonperformance – Discharge by Agreement – Discharge by Impossibility and by Law – Discharge by Breach 12­13 Third Parties, Discharge, and Remedies • Discharge by agreement – Termination by terms of the contract – Mutual rescission – Termination by waiver – Novation – Accord and satisfaction – General release 12­14 Third Parties, Discharge, and Remedies • Discharge by Impossibility and by Law – Types and Conditions of Impossibility – Frustration-of-purpose doctrine – Commercial impracticability 12­15 Third Parties, Discharge, and Remedies • Discharge by Breach of Contract – Deliberate breach of contract – Repudiation and anticipatory breach – Abandonment of contractual obligations 12­16 Third Parties, Discharge, and Remedies • Damages and Equitable Remedies – Damages in Contract Law – Equitable Remedies in Contract Law 12­17 Third Parties, Discharge, and Remedies • Damages in contract law – Actual or compensatory damages – Incidental and consequential damages 12­18 Third 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 12­19 Third Parties, Discharge, and Remedies • Equitable remedies – Specific performance – Injunctive relief 12­20 ... release 12? ?14 Third Parties, Discharge, and Remedies • Discharge by Impossibility and by Law – Types and Conditions of Impossibility – Frustration-of-purpose doctrine – Commercial impracticability 12? ?15... of contractual obligations 12? ?16 Third Parties, Discharge, and Remedies • Damages and Equitable Remedies – Damages in Contract Law – Equitable Remedies in Contract Law 12? ?17 Third Parties, Discharge,... and Tender of Performance 12? ?11 Third Parties, Discharge, and Remedies • Conditions and tender of performance – Conditions of performance – Tender of performance 12? ?12 Third Parties, Discharge,