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Discharge of Contract
1) Agreement
2) Performance
3) Impossibility of Performance
4) Operation of Law
5) Breach of Contract
5 ways
APIOB
3 Types of Agreement
1) Waiver
2) Substitution
3) Provision
WSP
2 Reasons for Bankruptcy Law
1) orderly distribution of assets to creditors
2) second chance for unfortunate and honest debtor
3 Types of Creditors
1) Secured Creditors
2) Preferred Creditors (workers compensation, employees, etc.)
3) General Creditors
2 Ways to go bankrupt
1) Voluntary Assignment
2) Petition for Receivership
Insolvent
debts exceed assets by at least $1,000
Anticipatory Breach
Told ahead of time that you will not be able to fulfill obligations
General Damages
The loss that you have sustained by me not performing the contract (pain and suffering)
Special Damages
Actual out of pocket costs
Punitive Damages
Very large amounts of compensation (set an example)
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