LAW 122 Chapter Notes - Chapter 9: Rescission

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Daniele Bertolini

Document Summary

Discharge: a contract is discharged when the parties are relieved of the obligation to do anything further under the contract. Performance: occurs when the parties fulfill all obligations contained in the contract. Party must perform exactly as the contract requires. General rule: time is not of the essence party is entitled to perform late even if the contract sets a specific date, but liable for losses other party suffers contract. Some situations, if time is of the essence 1. Time is of the essence= parties agree, party insist upon timely performance by giving reasonable notice of specific time, courts find that performance must occur within a reasonable time including subject matter. Debtor has the primary obligation of locating the creditor and tendering (offering) payment, even if the creditor has not asked for it. Must be reasonable, not at an inconvenient time, made only once. Tender rejected, debtor still has to pay debt, can"t wait for the creditor to come by.