LAW 122 Chapter Notes - Chapter 11: Executory Contract, Rescission, E-Commerce

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Theresa Miedema

Document Summary

Discharge can also occur when one party fails to perform as expected. The contract generally does not cease to exist merely because the parties largely ignore it. Most common method of discharge is performance. Performance occurs when the parties fulfill all the obligations contained in the contract. General rule is the parties must perform exactly as the contract requires. Any deviation from the terms of the contract, can be considered a breach, doesn"t matter how small it is. Tender of payment: most contracts require payment of money by at least one of the parties, rules that govern payments: Debtor has primary obligation of locating creditor and tendering (offering) payment, even if creditor has not asked for it; reasonable tender need only be made once. Unless contract says otherwise, creditor can insist on receiving legal tender: a payment of notes (bills) and coins to certain value, not cheque or electronic debit.