LAW 122 Chapter 11: Chapter 11 - Discharge and Breach
29 Jun 2016
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A contract is discharged when the parties are relieved of the need to do anything more under the contract. Performance occurs when the parties fulfill all of the obligations obtained in the contract. A contractual position that allows one or both parties to discharge a contract without the agreement of the other. A contract is executory if a party has not fully performed its obligations. A contract is executed is executed if a party has fully performed its obligations. Rescission occurs when the parties agree to bring their contract to an end; can be express or implied (e. g. may enter into a new contract that necessarily implies the discharge of an earlier one. Accord and satisfaction occurs when a party gives up its right to demand contractual performance in return for some new benefit (so agreement to discharge original contract (when one has fully performed) can be enforceable)
