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.