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LAW 122 (614)
Chapter 11

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Ryerson University
Law and Business
LAW 122
Avi Weisman

Chapter 11 Discharge and BreachA contract is Discharged when the parties are relieved of the need to do anything moreDischarge by PerformanceThe most common form of discharge is performance occurs when the parties fulfill all of the obligations contained in the contracto Performance However in some situations it is difficult to determine whether proper performance has occurred As a general rule the parties must performance exactly as the contract requires A deviation from the terms is considered a breach Time of PerformanceAlthough the parties generally have to perform exactly as the contract says the courts usually hold that time is not of the essence In other words even if a contract states that performance must occur by a particular date a party may be entitled to perform lateHowever if it does so it can be held liable for losses that the other party suffers as a result for the delayIn some situations time is of the essence If so late performance can be refused and if that happens the contract will not be discharged by performanceFinally even if the parties do not agree on a specific time or date the court s will find that performance must occur within a reasonable time having regard to all of the circumstances including the subject matter of contract Eg A contract dealing with perishable itemsFigure 111 Methods of Discharge Tender of Payment PerformanceTender ofPerformance Option to TerminateCondition Subsequent and Condition PrecedentRescissionAccord and SatisfactionAgreement or DischargeInterventionReleaseVariationNovationWaiverFrustrationLimitation Operation of PeriodLawBankruptcyBreach
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