COMMERCE 4SD3 Chapter Notes - Chapter 13: Novation, Condition Subsequent, Condition Precedent
13 Jan 2017
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Document Summary
The basic expectation is that a contract will be discharged by performance. Both parties have to perform completely before the contract is discharged. Tender of performance: an attempt by one party to perform according to the terms of a contract. The tender of performance can be accepted or rejected by the other party as acceptable. Onus is on the debtor to find and pay her creditor. Waiver: an agreement not to proceed with the performance of a contract already in existence. If no one has performed then the contractual rights of both parties is sufficient consideration for the new agreement to not perform. If one party has performed then the other has no contractual rights and therefore no consideration: waiver to be binding should be under seal. Accord and satisfaction: a compromise between contracting parties to substitute a new contractual obligation and release a party from the existing one.
