LAW 122 Lecture Notes - Lecture 11: De Minimis, Legal Tender, Debit Card
16 Oct 2016
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Document Summary
Performance occurs when the parties fulfill the obligations contained in the contract. General rule- parties must perform exactly as the contract requires. Any deviation from the terms of the contract is considered a breach rather than performance and will entitle the innocent party toa remedy. Time of performance: general rule- time is not of essence. Meaning that a party is entitled to perform late even if the contract sets a specific date. Payment by credit card: the use of credit cards involved three relationships, each one governed by a contract. The card issuer arranges credit by paying for goods and services on the cardholder"s behalf. The cardholder in exchange promises to repay both the value of each purchase and an agreed upon interest rate. The cardholder also agrees to pay a minimum balance each month and to report promptly the loss of theft of a card.
