LAW 122 Lecture Notes - Condition Subsequent, Novation, Breach (Security Exploit)
19 Apr 2013
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Document Summary
A contract is discharged: when the parties are relieved of the need to do anything more. Performance: when the parties fulfill all of the obligations contained in the contract. General rule, that parties must perform exactly as the contract requires. Any deviation from the terms of the contract, however small, is considered a breach, rather than performance and will entitle the innocent party to a remedy. Although the parties generally have to perform exactly as the contract requires courts usually hold that time is not of the essence. If a contract states that performance must occur by a particular date, a party may be entitled to perform late it can be held liable if the other party suffers results of the delay. Some situations time is of the essence, and late performance can be refused, and if that happens the contract will not be discharged by performance.
