LAW 122 Lecture Notes - Lecture 9: Contractual Term, Clean Hands, Specific Performance
21 Dec 2016
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A contract can be discharged through performance of its terms. Rule: parties must perform exactly as contract requires. Late performance is still performance (time is usually not of the essence but still get damages for lateness); may change by contract (boilerplate clause or notice) If no time is specified, then it must be performed within a reasonable time (question of fact) Substantial performance is still performance (exception: entire contract clauses; no part of the price is payable unless all the work is done) Parties agree (accord) that one party will give other some new consideration (satisfaction) to give up right to performance. An accord and satisfaction is the discharge of a debt or claim by the acceptance of some payment which is agreed to constitute full satisfaction. Arises where one party has completed their contractual promise and agrees to discharge the second party from further performance if the second party gives some new consideration.
