Law for Business and Personal Us Law for Business and Personal Us © Thomson South-Western CHAPTER 11 Contractual Obligations and Their Enforcement 11-1 Transfer and Discharge of Obligations 11-2 Remedies for Breach of Contract 11-3 The Marriage Contract and Divorce
Law for Business and Personal Use © Thomson South-Western CHAPTER 11 Contractual Obligations and Their Enforcement 11-1Transfer and Discharge of Obligations.
Dec 21, 2015
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Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
CHAPTER 11Contractual Obligations and Their Enforcement
11-1 Transfer and Discharge of Obligations
11-2 Remedies for Breach of Contract
11-3 The Marriage Contract and Divorce
Chapter 11Slide 2
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
11-111-1 Transfer and Discharge of Obligations
GOALS Identify what rights can be assigned
and what duties delegated Describe the various ways in which
contractual obligations may be discharged
Chapter 11Slide 3
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
FOCUS
Identify a contract you have recently entered into.
What rights have been acquired by the parties?
Chapter 11Slide 4
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
THE TRANSFER OF CONTRACT RIGHTS AND DUTIES
Assignable rights Non-assignable rights Form of assignments Notice of assignments Delegation of contractual duties
Chapter 11Slide 5
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Under what conditions may you assign contractual rights to another person?
Chapter 11Slide 6
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
DISCHARGE OF CONTRACTUAL OBLIGATIONS
By performance Timing of performance
By the initial terms By subsequent agreement
Rescission Accord and satisfaction Novation
Chapter 11Slide 7
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
DISCHARGE OF CONTRACTUAL OBLIGATIONS
By impossibility of performance By operation of law By tender of performance
(continued)
Chapter 11Slide 8
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Identify the six ways in which contractual obligations can be discharged.
Chapter 11Slide 9
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
11-211-2 Remedies for Breach of Contract
GOALS Name and describe various remedies
possible for minor or major breach of contract
Discuss the factors that affect the choice of remedies
Chapter 11Slide 10
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
FOCUS
Do you agree with the following statement?
Let the punishment fit the crime.
Chapter 11Slide 11
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
REMEDIES POSSIBLE FOR BREACH
Remedy for a minor breach Remedies for a major breach
Rescission and restitution Money damages Specific performance
Chapter 11Slide 12
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Explain the remedies available for a major breach of contract.
Chapter 11Slide 13
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
FACTORS AFFECTING CHOICE OF REMEDY
Conflict of remedies Duty to mitigate Waivers Statute of limitations Bankruptcy
Chapter 11Slide 14
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
REMEDIES FOR BREACH OF CONTRACT
Chapter 11Slide 15
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
What does it mean to “mitigate the damages”?
Chapter 11Slide 16
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
11-311-3 The Marriage Contract and Divorce
GOALS Recognize the contractual elements of
premarital and marital relationships Describe the various ways in which a
marriage contract is ended
Chapter 11Slide 17
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
FOCUS
Do you plan on getting married?
Chapter 11Slide 18
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
MARRIAGE AND CONTRACTS
Contractual elements of premarital relationships Statutory requirements
Contractual elements of marital relationships Marital consortium Rights and duties of parenthood Property rights and duties
Common-law marriage
Chapter 11Slide 19
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
What rights and duties are associated with the marriage contract?
Chapter 11Slide 20
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
ENDING THE MARRIAGE CONTRACT
By annulment By divorce
Separation No-fault divorce
Typical issues in a divorce Division of property Child custody and support Alimony
Chapter 11Slide 21
Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western
Name three ways in which a marriage contract is ended.
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