BU231 Lecture Notes - Condition Subsequent, Condition Precedent, Specific Performance
Document Summary
Did i get what i bargained for. It has not more legal effects: we want our contracts to be discharged, no one can complain anymore- legally finished, valuable for defendants in breach of contract lawsuit- discharge. If suing for breach, it is not discharged. Not if it is discharged: stuck with whatever happened, most obvious is when it is fully performed. Do everything you promised to do, the other side did everything they were supposed to do for example, receipt is proof of discharge. Discharge is perfect performance- you"re happy, i"m happy. Once the lawsuit has started- court document. Settling not only the old contract, but also the lawsuit. Even if you win the lawsuit, you have wasted a lot of time and money that the other side won"t cover. Document that settles a lawsuit and discharges the contract. Mutual consideration because cost both to prove their side. Loser pays for winner"s costs but not dollar for dollar.
