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Lecture 7

ACTG 2P40 Lecture 7: Lecture 7

7 Pages
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Department
Accounting
Course Code
ACTG 2P40
Professor
Katharine Book

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Description
March 03, 2014 ACTG 2P40 Chapter 12 Discharge of Contracts 1.Discharge by Performance SHORT ANSWER 2.Discharge by Agreement a.Waiver b.Accord and Satisfaction Where a party substitute their performance with something else and the other party accepts it More often instead of paying money, the party accepts to perform something c.Novation Actually substitute one of the parties with a contract itself Has to be a consent For example when selling a business, the buyer is accountable for all the accounts, and the contracts, and both the parties must agree to it d.Condition Precedent Condition that states if an event occurs prior to the liability end of the contract both the parties can walk away from the contract Home builders not getting a license after agreeing to build it however e.Condition Subsequent Condition that states if an event occurs after the liability end of the contract both the parties can walk away from the contract Promoter organizing a contract band may not show up, hall may burn down, it lets them out of liability f.Option to Terminate Simply clause in the contract that says something like either parties can terminate within 30 days of the contract
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