LAW 122 Lecture Notes - Lecture 11: Default Rule, 18 Months, Risk Management

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Heidi Francis

Document Summary

A contract can be discharged through the performance of its terms (obligations) Rule: parties must perform exactly as contract requires. Exception: entire contract clauses (no part of the price is payable unless all of the work is done) (cid:862)ti(cid:373)e is of the esse(cid:374)ce(cid:863) Default rule is that time is not of the essence i. e. you can perform the contract (i. e. Default rule is that time is not of the essence i. e. you can perform the contract (i. e. discharge the contract) late and the contract still holds. Can write into the contract that time is of the essence. Usual rule: you must do exactly what the contract says. E(cid:454)(cid:272)eptio(cid:374) to this (cid:862)e(cid:374)tire (cid:272)o(cid:374)tra(cid:272)ts(cid:863) all or nothing. Court can make an exception and find that the contract is substantially performed. Parties may agree to discharge contract by either: Give fresh consideration (accord and satisfaction) make a contract under seal (release)