Lecture 13 Slides - Performance, Obligations, and Remedies for Breach of Sales and Leases

Perfect Tender Rule

The product has to be exactly what was promised or the buyer can say no.

2. Substantial Performance

The job is basically done right, even if it’s not perfect.

3. Breach of Contract

When someone doesn’t do what they agreed to do.

Right to Cure

The seller gets a chance to fix the mistake or send the right product.

5. Commercial Impracticability

Something unexpected happens that makes it way too hard or impossible to finish the deal.

6. Good Faith

Being honest and fair when doing the deal.

Acceptance

The buyer says “this is good, I’ll take it.”

Rejection

The buyer says “this is wrong, I don’t want it.”

9. Revocation of Acceptance

The buyer changes their mind later after finding a problem.

Cover

The buyer buys something similar somewhere else after the seller messes up.

Resale

The seller sells the product to someone else after the buyer backs out.

12. Money Damages

Paying money to make up for the problem.

13. Liquidated Damages

A set amount of money already agreed on if something goes wrong.

14. Specific Performance

A court makes someone actually follow through and deliver the product.

15. Benefit of the Bargain

Making sure the person gets what they expected from the deal.