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Essay / Research Paper Abstract
This 3-page paper discusses performance and breach from a business contract law point of view, and discusses each and how they impact a business. Bibliography lists 1 source.
3 pages (~225 words per page)
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become unbound or discharged from contracts. Basically, such discharge happens when something causes a binding promise to not be binding any more. There are four types of discharge: performance, material
breach by one or both parties, mutual agreement of both parties and operation of the law (Mann and Roberts, 2003). In this paper, well discuss performance and breach, as well
as their impact on the modern business entity. According to Mann and Roberts (2003), discharge by performance is the most common method
of discharging a contractual duty. Basically, once the promisor of a contract performs his or her duty per conditions of the contract, then the contract has been fulfilled and can
be discharged (Mann and Roberts, 2003). By the same token, under the conditions of a bilateral contract, if one of the parties refuses or rejects performing a "tender of performance"
this would also suggest discharge by performance (Mann and Roberts, 2003). The example used by Mann and Roberts involves Georges arrival at Thelmas house to perform plumbing work, and Thelmas
refusal to let him in. George would be discharged from performing the duties (and would even have a legal claim against Thelma for breach of contract) (Mann and Roberts, 2003).
Breach of contract is the failure of a party involved in a contract to perform his or her promise (Mann and Roberts,
2003). By the same token, material breach involves the non-performance by one party as an excuse for another party to be unable to perform his/her duties per contractual obligations (Mann
and Roberts, 2003). The difference here is that if the breach isnt a material one, the aggrieved party must still fulfil the contract (even if he/she collects damages) (Mann and