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LAW 122 (625)
Chapter 11

LAW122 Chapter 11 Notes.docx

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Law and Business
LAW 122
Jared C.Allen

LAW 122 Chapter 11 Notes Discharge and BreachThis chapter covers ways in which a contract can be brought to an end A contract is Discharged when the parties are relieved of the need to do anything more under the contract Discharge by Performance Performance occurs when the parties fulfill all of the obligations contained in the contract Although it may be difficult to determine whether the proper performance has occurred Time of Performance Parties normally have to perform exactly as the contract says the courts usually hold that Time is not of the Essence Meaning that if performance must occur by a particular date a party may be entitled to perform late though they may be held liable for the losses the other party suffered for being late Sometimes time is of the essence and late performance can be refused and the contract will not be discharged by performanceTender of Payment o The person who owes money debtor has the primary obligation of locating the creditor and tendering offering payment even if the creditor has not asked for it The payment must be during a reasonable time not in an inconvenient time o Unless a contract says otherwise a creditor can insist on receiving legal tenderLegal Tender is a payment of notes bills and coins to a certain valueGenerally a creditor does not have to accept payment by way of cheque or electronic debit no a large bag of pennies The debtor must provide the exact amount of money o A debtor does not have to actually tender payment if it would obviously be refused o Payment by Debit CardA Debit Card is a plastic card that allows a person to debit or withdraw funds from a bank accountLike cash the payments of debit is final o Payment by Credit CardA Credit Card operated by allowing the cardholder to obtain credit or a loan for the purpose of paying for goods and servicesGives the ability to enjoy now and the promise to pay laterCard Issuer and Cardholder the card issuer arranges credit by paying for goods and services on the cardholders behalf The cardholder promises to repay both the value of the purchases at an agreed interest rate
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