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Chapter 13 Impeaching Contracts (discharge).docx

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Department
Accounting
Course
ACTG 2P40
Professor
P.Maloney
Semester
Fall

Description
Chapter 13 Impeaching Contracts: Discharge A discharged contract means to cancel the obligations of a contract or to make a contact legally void 4 ways to discharge a contract; Performance, Agreement, Frustration and Operation of Law 1. Discharge by Performance  When a contract is discharged by performance this means that the parties have performed all the obligations under the contract and the contract has come to an end. 2. Discharge by Agreement a) Waiver  When parties to a contract agree not to perform the rest of the obligations under the contract by singing a waiver- signing the waiver discharges the contract. a) Accord and Satisfaction  When a party to a contract finds they can no longer perform the obligations under the contract and they offer some benefit to the other party such as a payment of money and the party accepts – the contract is then discharged. b) Novation = new  Nrdation is a form of discharge in which a party to a contract is replaced by a new 3 party – this discharges the old party from the contract and a new contract is created with the new party  The new 3 party is agreeing to take the exact placement of the old party such as all liabilities by signing an ‘Assumption Agreement’. c) Condition Precedent ( Before )  in the event that a contract has a condition precedent this means that if a certain event does or does not happen before liability under the contract then the contract is discharged ( Job Offer accepted only if find me a place to live ) d) Condition Subsequent ( After )  In the event that a contract has a condition subsequent this means that if a certain event does or does not occur after liability comes under the contract then the contract is d
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