LAW 122 Chapter Notes - Chapter 11: Rescission
10 Sep 2013
School
Department
Course
Professor
Document Summary
A contract is discharged when the parties are relieved of the need to do anything more under the contract. Many ways in which a contract can be discharged. Performance when the parties fulfill all of the obligations contained in the contract. Parties must perform exactly as the contract requires. Any deviation from the terms of the contract is considered a breach rather than performance and will entitle the innocent party to a remedy. Parties have to perform exactly as the contract says, the courts usually hold that time is not of essence. Even if a contract states that performance must occur by a particular date, a party may be entitled to perform late. Business people should be aware of some specific rules that govern payments. But it can be held liable for losses that the other party suffers as a result of the delay.
