LAW 122 Chapter 11: Chapter11.docx
8 Apr 2015
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Discharging contract through performance: a contract can be discharged through the performance of its terms (obligations, rule: parties must perform exactly as contract requires, exceptions, late performance is still performance, substantial performance is still performance. Option to terminate: option to terminate is a contractual provision that allows one or both parties to discharge a contract without the agreement of the other. Accord and satisfaction: occurs when a party gives up its right to demand contractual performance in return for some new benefit. Release: an agreement under seal to discharge a contract. Involves an agreement to vary the terms of an existing contract. Novation: a process in which one contract is discharged and replaced with another. Waiver: occurs when a party abandons a right to insist on contractual performance. You contract for builder to build ten houses to full completion. Builder builds the ten houses and completes everything but the doorknobs.
