LAW 122 Lecture Notes - Lecture 8: Arbitration Clause, Expectation Damages, Contractual Term
Document Summary
Chapter 11 and 12: discharging a contract and remedies. A contract can be discharged through the performance of its terms (obligations) Occurs when the parties fulfill all the obligation contained in the contract. Go into tim hortons and buy a coffee, contract is over. The parties must perform exactly as contract requires. Party is entitled to perform late even if the contract sets. Unless contract stipulates a time, even though late, you. Late performance is still performance a specific date have still completed the obligation. Substantial performance is still performance you with a house to build but the door doesn"t have a doorknob) Homeowner wants to say the contract was discharged. Won"t be able to walk away from the contract, you have done what you are set out to do. They reach a problem and agree how to fix it. New agreement = new contract= new consideration= accord and satisfaction.