LAW 122 Chapter 11: Chapter 11
21 Apr 2018
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Document Summary
Discharge- putting a contract to an end: discharge: a contract is discharged when the parties are relieved of the obligation to do anything further under the contract (contract is complete) Discharge by breach: defect vs discharge. 4 ways to discharge a contract: performance- a contract can be discharged through the performance of its terms (obligations) Rule: parties must perform exactly as contract requires. 2 possible solutions: find new consideration- accord and satisfaction, put the promise under seal- release, breach- failure to fulfill contractual promise. The innocent party only has the right to discharge if the other party has breached a condition (if the other party has done something that substantially deprives the innocent party of the benefit of the contract. Breach of condition vs. warranty: condition: relatively more important term, cuts to the heart of k, innocent party would substantially deprived of expected benefit of contract due to its breach.
