Business Law

No, because the purchase price & the closing price . ” & Jesse charged 25 percent. Though he Informed Smith but It cannot be enforceable by law. 09. Yes, Litter’s proposal was supported by consideration because he was promised to pay 3,500 wealth next 5 years, but his son refused to pay the partners the amount agreed on. 10. When the common object of a contract can no longer be carried out, the court may declare the contract has been frustrated. There are some ways of frustration. The names are given below: l. Destruction of an object, II.

Changes of law, Ill. Failure of pre-conditions ‘V. Death or personal incapacity V. Outbreak of war. Ex: a person contracted to deliver some raw materials to a party, but those raw materials were destroyed by natural disaster. So he failed to fulfill the contract, but he has no fault. So the court will hold that the contract has been frustrated. 11. Breach of contract occurs when a party repudiates his allowably under the contract before the time for performance Is due or when a party by his own act disables myself from performing the contract.

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

The consequence of breach of contract is given below: When breach of contract occur the aggrieved party l. Can treat the contract as discharged so that the party is no longer bound by any obligations under the contract, II. Can immediately adopt the legal remedies available to him for breach of contract & also can suit a file for damages or specific performance or injunction. 12. Damages is when a contract is broken, the injured party can claim to the other party for the problem the injured party faced. Ex: Specific performance Is a discretionary remedy.

Specific performance is where monetary compensation Is not an adequate remedy. Ex: For sale of a house monetary compensation Is not enough because the Injured party will not be able to get an exact substitute In the market. 02. No, There is no quasi-contract here. Here is a contract of specific performance. Percent. Though he informed Smith but it cannot be enforceable by law. 09. Yes, 3,500 within next 5 years, but his son refused to pay the partners the amount agreed may declare the contract has been frustrated.

There are some ways of frustration. He has no fault. So the court will hold that the contract has been frustrated. 11 . Breach of contract occurs when a party repudiates his liability under the contract before the time for performance is due or when a party by his own act disables Specific performance is a discretionary remedy. Specific performance is where monetary compensation is not an adequate remedy.