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International Business - Assignment Sample

   

Added on  2021-05-11

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Reylend Steffin YanataStudent Name: Reylend Steffin YanataStudent ID:10214556Program: Diploma In International BusinessCourse: Business LawClass Code: LAW 0115-L13CA-2 ASSIGNMENTDate: 4 Febuary 2021 Submit to: Mr THUM CHENG CHEONG
International Business - Assignment Sample_1

Reylend Steffin Yanata(a)Discharge of contract implies contract coming to an end and parties were reassured of their perspective obligations under the contract. As the contract had terminated. In the law of contract, discharge of contract can go in 4 ways:AgreementThe agreement enables the terminate contract but first and foremost, the contract was established by agreement. Parties, whether had not performed their obligations, may commonly agree and pardon themselves. It is known as “waiver”. Termination of a contract must provide consideration to each party to be released from the contract.On the contrary, if one party had already performed their obligations, the contracting party must make some payment Ex: Forfeiting. The process is called “accord & satisfaction”. Accord means an agreement to discharge the original agreement whilstsatisfaction means consideration from either party to make the agreement operative.Lastly, contract that is discharged by an agreement is a so-called “Deed”.Performance Discharge by performance occurs when parties had committed to their obligations asthey promised to do so. In addition to that, performance must be accomplished in an “Exact and precise” manner on both parties that will be the end of the matter. Any deviation will lead to a discharge of contract as well as, part of the performance is nocalled “performance”. Breach or RepudiationA contract that is breach compose of two vital terms. The vital term is classified as “Condition”, less vital terms are called “warranties”. Breach of a condition is a very serious matter that entitles the injured party to treat the contract as discharged and also entitles suing the damages or losses. In addition to that, breaching a warranties does not end the contract. As the injured parties must carry on their obligations, theironly remedy was to claim for damages.
International Business - Assignment Sample_2

Reylend Steffin YanataFrustrationIt takes place when a supervening event beyond the control as the parties are not responsible for their losses and no fault of the parties. As the performance of the contract became futile and makes the contract radically different from what was originally contemplated even if the contract is destroyed or not.(b) LAW:Discharge of contract implies contract coming to an end and parties were reassured of their perspective obligations under the contract. The contract was terminated. Performance Discharge by performance occurs when parties had committed to their obligations asthey promised to do so. In addition to that, performance must be accomplished in an “Exact and precise” manner on both parties that will be the end of the matter. However, incomplete performance could arise a problem. Any deviation will lead to adischarge of contract as well as, part of the performance is no called “performance”. The exception to the general rule:Substantial Performance can help the injured party though with the small claims. Although the party had substantially performed, they will claim the minimum amount and it would not treat the contract as terminated nor paying any cents. Based on the facts of what they did.The intentions the other party causes incomplete performance to the injured party preventing from accomplishing it will be entitled to claim payment on a quantum meruit basis the work they had done.The contract that is not the whole transaction will be treated separately and capable of separate discharge. Therefore, nullity the entire contract. The contract consists of (“Entire Contract or Lump Sum contract”).The contracting party can discharge in an amiable way of accepting their partial performance of the other. No harm or threat from the third party as it’s the party
International Business - Assignment Sample_3

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