LAW 122 Chapter Notes - Chapter 11: Condition Precedent, Contrail, De Minimis
1 Aug 2020
School
Department
Course
Professor
Document Summary
Discharged party is relieved of need to fulfill any more promises. Performance occurs when parties fulfill all obligations contained in contract. Time is not of the essence party is entitled to perform late even if contract sets specific date: can be held liable for losses other party suffers due to delay. If parties decided expressly or impliedly, on time, then is of essence. Even if didn"t decide on specific time, must be completed in timely manner. Debtor has obligation of locating creditor and tendering (offering) payment: can"t occur at inconvenient time or circumstances. Reasonable tender only has to happen once. If creditor rejects, their responsibility to get it. If goes to court, judge may hold creditor liable for rejection of tender and debtor"s cost of litigation. If creditor indicates beforehand that payment will be rejected, debtor doesn"t have to tender payment.
