This is an extract of our Performance Of The Contract document, which we sell as part of our Contract Notes collection written by the top tier of Griffith University students.
The following is a more accessble plain text extract of the PDF sample above, taken from our Contract Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
Other common terms:
Entire Contract Terms Defines key terms within the contract
"this document constitutes the entire
agreement of the parties and supersedes
all prior communications."
Signifies final and complete
Best Endeavors Term
"the agent will use his best endeavours
to promote and extend the sale of the
product in the state"
Good Faith Terms
Force Majeure Term
"Neither party shall be liable in
damages or have the right to terminate
the agreement for any delay or default
Frees both parties from liability and
obligations should unexpected
Restraint of Trade Term
"for a period of one year after the
termination of this engagement, the
salesman will not operate within one
mile of a main office..."
Limits where a party can trade
Agreed (liquidated) Damages Term
Dispute Resolution Term
Proper Law of the Contract
PERFORMANCE OF THE
Express terms - written or said at the time of the contracts formation
Implied terms - the judges "invent" because there is nothing said or written that
Discharging a contract: * By performance * By frustration * By agreement between parties * By breach * By operation of law
Discharge by Performance: * A party must perform his/her obligations
o At the time required by the contract and;
o To the standard required by the contract * A party must offer (tender) performance
o At the required time
o At the required place
o That conforms to the requirements of the K
SS? Or other recognised tender * Time for performance may be express or implied * Express:
o Time period
o Event * Implied:
o Within a reasonable time
SS? Perri v Coolangatta Investments Limited (1982) 149 CLR 537 * Time can be essential or non--essential * Essential:
o If the party doesn't perform on time, this is a breach of contract
o Other party may terminate the contract
o Party in breach may have to pay compensation * Non--Essential:
o Other party cannot terminate contract but may still be able to
apply for damages -- "time is of the essence"
Buy the full version of these notes or essay plans and more in our Contract Notes.