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- Learn the different methods for discharging contracts, such as conditions performance or material breach.
- Study changed circumstances in contracts.
- Examine recission, novation and accord.
- Understand contractual illegality and public policy.
- Define statutory illegality in contracts.
- Learn what it means to have a valid, voidable or unenforceable contract.
- Describe legal remedies in contracts and see specific court cases.
- Understand equitable remedies.
1. Methods of Discharging Contracts: Conditions, Breach & Agreement
For the most part, a contract is discharged or no longer valid once the promises of both parties have been fulfilled. A contract may be discharged because one party did not fulfill the promises or both parties agree that it's no longer necessary.
2. Changed Circumstances in Contracts: Possibility, Practicality & Effects
Sometimes, promises made in a contract cannot be performed because of unforeseeable circumstances that cannot be defined in a clause. In these cases, the law allows changes for reasons of impracticality, impossibility and frustration of purpose.
3. Other Contract Discharge Options: Rescission, Novation & Accord
In general, a contract is a legally binding agreement in which two or more parties make and agree to certain promises. Although the parties are bound to the terms, the parties may agree to discharge the contract through rescission, novation or accord.
4. Contractual Illegality & Public Policy: Definition, Examples & Issues
Contracts, in general, contain six elements that must be present. One such element is legal object. This means that the terms of a contract must be legal and not against public policy.
5. Statutory Illegality in Contracts: Legislation, Liability & Examples
The law states that the terms of a contract must not violate any laws including statutes. Any contract written that is in violation of statutes or laws is unenforceable.
6. Valid, Void, Voidable, and Unenforceable Contracts
There are several kinds of contracts. Some bind parties wholly, while others do not. The terms of the contract determine whether a contract can be fully executed.
7. Legal Remedies in Contracts: Definition & Acts
When one party breaches the terms of a contractual agreement, the court uses any of several remedies to make the injured party whole. These remedies include compensation, consequences for breach, punishment, nominal fines, liquidation and mitigation.
8. Equitable Remedies in Contracts: Definition & Examples
There are several remedies a court can impose on parties in a breach of a contract case: rescission, restitution, specific performance, injunction, reformation or quasi-contract. Learn about each of these remedies in this lesson.
9. Economic Duress in Contract Law: Definition & Cases
After you complete this lesson, you will understand what constitutes economic duress. You will also learn the elements of economic duress and review several examples.
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