LAW 122 Chapter Notes - Chapter 11: Rescission, Cheque
14 Feb 2017
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Most contracts are brought to an end by discharge. Discharge - a contract is discharged when the parties are relieved of the need to do anything more under the contract. Obligation is ended by agreement or by carrying it out. Performance - occurs when the parties fulfill all the obligations contained in the contract. Parties must perform exactly as the contract says but time is not of the essence. Time is not of the essence - a party is entitled to perform late even if the contract sets a specific date. Time is of the essence if the parties agree to that fact, either expressly or implicitly. Debtor has the primary obligation of locating the creditor and tendering (offering) payment, even if the creditor has not asked for it. Unless a contract says otherwise, a creditor can insist on receiving legal tender (bills and coins) A debtor does not have to actually tender payment if it would obviously be refused.
