BU231 Chapter Notes - Chapter 13: Condition Subsequent
Document Summary
Discharge a contract cancel the obligations of a contract; make an agreement or contract null and inoperative. Can occur in 4 ways: discharge by performance, discharge by agreement, discharge by frustration, discharge by operation of law, discharge by performance. Their contract ends when they have performed all their respective obligations satisfactorily. Tender of performance an attempt by one party to perform according to the terms of the contract. One party may attempt to perform, but the other party refuses to accept the performance. The attempt to perform is called a tender of performance whether accepted or rejected: discharge by agreement. Waiver an agreement not to proceed with the performance of a contract already in existence. The parties may agree between themselves not to perform their contract and discharge it. Accord and satisfaction a compromise between contracting parties to substitute a new contractual obligation and release a party from the existing one.
