LAW 122 Lecture 11: CH11 TEXTBOOK NOTES
15 Oct 2017
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Discharge by performance performance occurs when the parties fulfill all the obligations contained in the contract. Difficult to determine whether proper performance has occurred. Possible for a party to perform a contractual obligation in more than one way. Time of performance time is not of the essence a party is entitled to perform late even if the contract sets a specific date. However, if party does perform late, it can be held liable for losses that the other party suffers as a result of the delay. Sometimes, time is of the essence, thus late performance can be refused and if that happens, the contract will not be discharged by performance. Time is of the essence if the parties agree to that fact, either expressly or impliedly. Even if time is not initially of the essence, a party can insist upon timely performance by giving reasonable notice that performance must occur on a specific date.
