MGSC30H3 Lecture Notes - Lecture 11: Condition Subsequent, Condition Precedent
Document Summary
Discharged: when the parties are relieved of the need to do anything more under the contract. * can be discharged by fulfilling all obligations (performance) Substantial performance: generally satisfies the contract but is defective or incomplete in some minor way. Entire contract: says that no part of price is payable unless all of the work is done. Condition subsequent: contractual term that states that the agreement will be terminated if a certain event occurs. True condition precedent: contractual term that states that an agreement will come into existence only if and when a certain event occurs. Condition precedent: contractual term that states that while a contract is formed immediately, it does not have to be performed unless and until a certain event occurs. Accord and satisfaction: occurs when party gives up its right to demand contractual performance in return for some new benefit. Release: agreement under seal to discharge a contract.