BU231 Lecture Notes - Lecture 1: Condition Subsequent, Novation, Natural Disaster
Document Summary
The end of the contract, when it"s over & done. This is referred to as the discharge of contracts. I give my money, they give me coffee, performance is complete. The most common way in which contracts are discharged. A lot of other ways in which a contract can be discharged you can agree to end it. Discharge of a contract is the cancellation of the obligation of a contract, i. e. make the k null and inoperative. Discharge by performance: most common method by which contracts are discharged, where both parties to the contract perform their obligations under the contract. Discharge by agreement: where the parties agree not to proceed with the contract, both parties have to be in agreement, neither party could have performed yet. If you buy tickets, your ticket states the condition subsequent rules. If it rains and they can"t play, it depends on which inning it made it to, and the contract might be discharged.
