LAW 122 Lecture Notes - Lecture 11: Contractual Term, Expectation Damages, Condition Precedent
Document Summary
Discharge: when the parties are relieved of the need to do anything more under the contract: discharge by performance, discharge by agreement (another contract, discharge by breach. Agreement: rule: exactly as it requires, exceptions: time and substantial performance, new consideration, accord satisfaction, seal, substantial term = condition, not equal to discharge. Performance: occurs when the parties fulfill all the obligations contained in the. A contract can be discharged through the performance of its terms (obligations) Rule: parties must perform exactly as contract requires: any deviation from the terms is considered breach contract. Time of not of essence: means that a party is entitled to perform late even if the contract sets specific date: late performance is still performance. Legal tender: is a payment of notes (bills) and coins to a certain value. Substantial performance: generally satisfies the contract but is defective or incomplete in some minor way: substantial performance is still performance.
