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Please read and view this week's Learning Resources before you complete the Discussion.

Reading

Course Text: Goldman, A., & Sigismond, W. (2014). Business Law: Principles and practices (9th ed.). South-Western: Cengage Learning.

Chapter 13, "The Termination of Contracts: Discharge"

A contract will eventually come to an end. The most common way for this to occur is through discharge. In this chapter, you will explore the termination of a contract by discharge. Usually this is accomplished by performance; that is, the parties fulfill or perform the terms of the agreement as promised. However, there are several other ways for a contract to be discharged, and you will be introduced to these situations as well.

Focus on the definitions and concepts provided throughout the chapter. Review the examples provided in the chapter that illustrate the major ideas being conveyed. Think about the consequences (in money, time, work, effort) that can be incurred when a contract is discharged but has not been completely fulfilled according to its original terms.

 

Chapter 14, "The Termination of Contracts: Breach of Contract"

In addition to discharge, a contract can also end when one party fails to perform some or all of the obligations required by the contract or when a party declares, "I'm not going to perform." Either of these two situations results in a breach of a contract. In this chapter you will explore these two types of contract breaches, as well as the remedies available to a party that has been harmed by a breach.

Focus on the definitions and concepts provided throughout the chapter. Review the examples provided in the chapter that demonstrate the major ideas being conveyed. Consider the defenses that a breaching party can offer for not performing some or all of the obligations specified in a contract.

 

Chapter 15, "Formation of Sales and Lease Contracts"

In this chapter, you will be introduced to the Uniform Commercial Code. You will begin to explore the law as it relates to sales contracts. The chapter will also define several important terms that you will encounter when dealing with sales and lease contracts and introduce Articles 2 and 2A of the UCC.

Focus on the definitions and concepts provided throughout the chapter. Review and think about the examples in the chapter that demonstrate the major ideas being conveyed. Carefully consider the ways that the UCC has modified some of the rules of basic contract law to allow those rules to better accommodate the needs of sales transactions.