Termination of the Contract

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Termination of the Contract by Mind Map: Termination of the Contract

1. Performance

2. Mutual Rescission

3. Accord and Satisfaction

4. Account STated

5. Nocation

6. Breach

6.1. Material Breach

6.2. Minor Breach

6.3. Anticipatory Repudiation

6.3.1. Established by the Doctinre of Anticipatory Repudiation and in conjunction with the Prospective inability to perform doctrine.

6.3.1.1. Prospective Inability to perform is NOT anticipatory repudiation.

6.3.1.1.1. Prospective inability perform is a not certain or definite that the party will not perform

6.3.1.1.2. For more, see performance of the contract

6.3.2. Excuses the condition of having to be ready, willing, and able to perform

6.3.3. Doctrine establishes that the party must make it very clear (certain and definite) that the party will not perform

6.3.3.1. Ex. I will not perform.

6.3.4. As a result, the parties can bring action immediately

6.3.4.1. Exception: if all that is left on the contract is the payment of money

6.3.5. Party must attempt to mitigate to minimize damages overall

6.3.6. Exception to the rule

6.3.6.1. If the party that is able to perform has not relied on the repudiation, it may be withdrawn

6.4. Failure of Timely performance

6.5. Material breach and substantial performance

6.6. Perfect Tender Rule