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Lecture

Chapter 12 ReadingNotes.doc

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Department
Business
Course
BU231
Professor
Daniel J Fife
Semester
Spring

Description
1READING NOTESCHAPTER 13 The Discharge of ContractsApart from breach we examine the various ways in which a contract may be dischargedThe Ways in Which a Contract May be DischargedTo discharge a contract means to cancel the obligation of a contract or to make an agreement or contract null or inoperative all outstanding obligations are finishedNow provide four ways in which discharge may occur1 Discharge by PerformanceThe Nature of Discharge by PerformanceoParties who enter into a contract expect it to be discharged by performanceoContract ends when they have performed their respective obligations satisfactorilyoNote For a contract to be fully discharged both parties not just one must complete performanceBilateral requires performance on both sidesUnilateral is discharged when promisee performsTender of Performance oOne party may attempt to perform but the other party refuses to accept the performance for whatever reasonoThe attempt to perform is the tender of performanceEg If a seller tenders delivery of goods and buyer refuses the seller is under no obligation to attempt delivery again may sue for breachEg If a debtor makes an unsuccessful but reasonable attempt to pay is free from liability for interest still responsible for principleTo be sure of this the money should be legal tender cash and not in negotiable instruments chequeoAlso regardless of circumstances the onus is on the debtor to find and pay her creditor2 Discharge by AgreementWaiveroParties may agree between themselves not to perform their contractoA waiver is an agreement not to proceed with the performance of a contract already in existenceoNote on considerationIf neither party has performed fully at the time the contract is called off there is automatically consideration for the waiver
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