BU233 Lecture Notes - Lecture 2: Novation
Document Summary
Discharge of contracts cancellation of the obligation of a contract (i. e. make k null and inoperative) Discharge by performance both parties to the contract perform their obligations under the contract satisfactorily, most common method. Stages of bilateral contracts: when neither party has performed its promise, when one but not the other party has performed, when both have performed. Discharge by agreement both parties agree not to proceed with the contract. Waiver an agreement not to proceed with the performance of a k already in existence, can only occur when neither party has fully performed, consideration becomes an issue where one party has performed. Novation the parties to a contract agree to terminate it and substitute a new contract. Accord and satisfaction a compromise between contracting parties to substitute a new contractual obligation and release a party from the existing one. Condition precedent neither party can perform unless a certain future event occurs.
