ADMS 2610 Lecture : The Law of Contract - Chapter 13 - Performance of Contractual Obligations

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Nature and extent of performance: tender of payment, tender of performance. Implied terms: frustration, condition precedent, operation of law, agreement. Performance: must be done according to terms of contract, must be exact and precise in order to constitute discharge, anything less is a breach. The act of performing a contract or the offer of payment of money due under a contract. Tender of payment: performance is made when money paid at time and place required under the contract. Legal tender: cannot be refused if tendered by user, seller can refuse credit card, check, bill of exchange unless specified as form of payment. Debt: if proper tender of payment is made and refused by creditor, interest stops running, debtor need not attempt to pay again. Tender of performance of an act: must deliver goods to proper place at proper time, if refusal by buyer and seller need not tender again. Discharge: contracts can be discharged in a number of ways.

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