LAW 122 Chapter Notes - Chapter 11-12: Punitive Damages, Clean Hands, Risk Management
16 Mar 2017
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Discharge: discharge, by performance, by agreement (another contract, by breach. Discharge: when the parties are relieved of obligation to do anything further under the contract. Pro tip: defect versus discharge: defect problems revolve around an issue that existed as soon as the contract was created. In discharge problems the issue comes up during the life of the contract. Formal requirements to create a contract are met: parties aren"t fighting about the terms. Formal requirements to create a contract are met: parties aren"t fighting about the terms, something happens during the life of the contract, performance, frustrating events. Four ways to get to discharge: performance, agreement, breach, operation of law, frustration, discharge contract through performance, parties must perform exactly as contract requires. Performance exceptions: late performance, but not if time is of the essence , substantial performance, but not if entire contract: clause, discharge by agreement, parties can agree to end their contractual agreement.
