What is discharge?
Termination of rights and liabilities under a contract
what should every contract have?
A dispute resolution clause and a termination clause
What are the exceptions to performance (carrying out all terms of contract)
- Substantial 2. Partial 3. Divisible 4. Tender
5. Prevention
what are some categories of frustration?
- Changes of Law
- Destruction of the subject matter
- Personal services
- Government intervention
What does the law recognise about frustration?
that contractual obligations may become incapable of being performed
Name 4 ways a contract can be discharged/terminated.
P.A.F.B.
- Performance
- Agreement between parties
- Frustration
- Breach
What are liquidate damages?
fixed/calculation of fixed amount, specified in contract, of damages payable to one or either party - in the event of a breach
What is a requirement of LDs
must be reasonable or genuine pre estimate of loss
what is a penalty
LD that bears little relationship to the anticipated loss
