Unit 6: Discussion
5. What is satisfactory performance?
Satisfactory Performance is defined as when the following exists, either personal taste or objective standards have determined that the contracting parties have performed their contractual duties according to the agreement and is either an express or implied condition of every contract. (Paul, B.G.S.) An example of a satisfactory performance would be if I signed a contract to have my house remodeled and after the contractor says they are finish and we do the walk through and no minor or major damages (i.e. paint touch up, etc.) need to be fixed and I pay him the final payment towards the work completed on my house.
7. What is breach of contract? What are the remedies for breach?
A breach of contract is where the obligations of the contract are not carried out. (Paul, B.G.S.) Some remedies for a breach are both common law and equity. With common law, the only remedy would be damages. When a contract has been breached, the injured party has the right to sue for damages. Remedies in equity are discretionary, and it has no right. Remedies in a breach, have some exceptions to the rule which are rescission, specific performance, injunction, and ratification.
DH
1. Who are the three parties associated with any assignment?
· Assignor- The assignor is the original party to a contract. The assignor is the party that transfers its contractual rights to another party. In a contract assignment, this means that the assignor transfers both the contractual obligations and the contractual benefits (upcounsel, 2020).
· Assignee- The assignee is the outside third party that receives the rights and obligations under a contract, but is not the original party of a contract. They usually will be accepting the benefits and rights from the assignor.
· Obligor- The person or party that is obligated to do something under terms of a contract. An example would be, a person applying for a credit card, they are the obligor to make the payment to the debt.
6. What is satisfactory performance?
In contract law, the situation exists when either personal taste or objective standards determine the contracting parties have performed their contractual duties according to the agreement (Brown & Sukys, 2013, p.925). Basically, satisfactory performance meets the expectations of both parties involved in a contract. Also, satisfactory performance can either be express which is written by terms and conditions or implied in which terms and conditions are assumed by the parties involved.
Assignment of Rights Example: Everything You Need to Know. (n.d.). Retrieved November 27, 2020, from https://www.upcounsel.com/assignment-of-rights-example
Brown, G. W., & Sukys, P. (2013). Business law: With UCC applications. New York, NY: McGraw-Hill/Irwin.
