LAW 122 Lecture Notes - Lecture 5: Specific Performance, Actual Size, Liquidated Damages

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Winnie Tse

Document Summary

A contract can be discharged through the performance of its terms (obligations) Performance occurs when the parties fulfill all obligations under contract. Rule: parties must perform exactly as contract requires. Continuing with the variety of ways an existing contract can be varied or brought. Discharging a contract means ending the obligation. Once discharged the contract is no loner a pending, legal obligation. Discharge: discharge by performance, discharge by agreement (another contract, discharge by breach work is done) Time of performance is not generally grounds for discharge. General rule: time is not of the essence, e. g. a party is entitled to perform late even if contract sets a specific date e. g. i agree to deliver a truck to you by april. 1st, i can deliver it on june 1st and it can still be performance under the contract. But if a party performs late, it can be held liable for losses that the other party suffers as a result of delay.