Discharge of Contracts.docx

Discharge of Contracts.docx - Discharge of Contracts Ways...

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Discharge of Contracts Ways to Discharge 1. Performance 2. Agreement 3. Impossibility 4. Operation of Law A. Performance- Both parties fulfill their duties and contract ends. a. Sometimes contracts include conditions and contingencies. i. Condition Precedent- Event that must occur before there is any contract obligation. 1. Zoning contingency 2. Mortgage contingency- need mortgage to buy a house. ii. Condition Subsequent- Obligations to perform under a contract end after an event occurs. 1. Employment contract ends after failing drug test. b. Tender of Performance- Offer to perform (Ready, willing, and able) i. Made an offer to fulfill your own obligation. b. Legal Tender - Lawful Money i. Check is legal tender- not required to accept ii. Not required to allow someone to work off a debt. b. Time of Performance i. Almost always time limits to perform some obligation ii. No time limit specified? Must be done in a reasonable time. iii. “Time is of the Essence”- Contract language meaning that time restrictions must be enforce strictly. b. Adequacy of Performance
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