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Assignment on the Business Law

   

Added on  2020-05-11

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Running head: BUSINESS LAWQuestion & AnswerName of the student:Name of the university:Author note
Assignment on the Business Law_1
1BUSINESS LAWExercise 12.1Discharge by performance: In a contract where both the parties are intended to carry out all the contractual obligations, itwill be treated as discharge by performance. Case Sumpter v Hedges [1898] 1 QB 673.Discharge by substituted agreementsThe terms of the contracts are based on agreement. In case where there is a need to changethe terms of the contract and both the parties give their consent regarding the same, thecontract will be discharged. Case Foakes v Beer (1884) 9 App Cas 605.Discharge by lapse of timeEvery contract is based on certain limited periods and if the period will be lapsed, the samewill be discharged. Discharge by operation of lawWhen in a case, one of the party to a contract change the terms of the contract withoutobtaining the consent of other party, contract can be discharged (Poole 2016).Discharge by impossibility of performanceIf the terms of the contract become impossible for the contracting parties, contract will bedischarged. Discharge by breachIf one or both the parties can breach any of the terms of the contract, the contract willautomatically discharged.
Assignment on the Business Law_2
2BUSINESS LAW2. The case relating to Cutter v Powell (1795) is based on the concept of partial performance ofa contract. It has been held by the court that in case of condition precedent, until the wholecontractual terms have been performed, the party could not recover the contractual terms. Ithas also been mentioned that if there is any provision regarding the proportional contract,plaintiff will get compensation or wage for the partial working days. However, if the terms ofthe contract do not allow the same, plaintiff will not get anything (Shields et al. 2015). 3.The word substantial performance means that when a contractor has performed his jobsubstantially, the owner will be obliged to make the full payment. In Hoenig v Issacs [1952]it has been observed by the court that until the acts of the contractor changed the roots of thecontract, the owner could not resist the payment. 4.The meanings of the term Quantum meruit is a Latin term that stand on the reasonable valueof service. The gravity of damage is measured by Quantum meruit when an express contractis modified by the implied terms. If a worker is engaged to perform a job and the same hasnot been done perfectly, the alleged person may face legal steps. However, the worker can getpart payment from the employer for his portion of performance.5.As per the law, the parties to a contract are bound to follow all the terms and he will be heldliable for the failure to meet the obligations. However, as per the doctrine of frustration, if thepromise maker has failed to fulfil to perform his portion due to certain prevention on whichthe promise maker has no control. It is called the doctrine of frustration.
Assignment on the Business Law_3

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