BU231 Chapter Notes - Chapter 12: Condition Subsequent, Condition Precedent
Document Summary
The way in which a contract may be discharged. Discharge a contract: cancel or end the obligations of a contract; make an agreement or contract inoperative. A contract ends when both parties have both performed all their respective obligations. It can only end by performance if both parties fulfill their promises. Tender of performance: an attempt by one party to perform according to the terms of the contract. If a tender of performance is done properly and the other party refuses, the promisee is not under obligation to redeliver and can sue for breach of contract. Waiver: an agreement not to proceed with the performance of an existing contract. Accord and satisfaction: a compromise between contracting parties to substitute a new contractual obligation and release a party from the existing one. A party may offer a monetary payment in substitute for performance to be released from the original obligation.
