S 4 A - discharges of contract

S 4 A - discharges of contract - S 4 A Discharges of...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
S 4 A – Discharges of Contract Discharge a contract – cancel the obligation of a contract; make an agreement or contract null and inoperative. Four ways to discharge: 1 Performance a. Contract ends when both parties have performed their respective obligations satisfactorily. b. Onus on the debtor to pay the creditor. c. Tender of performance – an attempt by one party to perform according to the terms of the contract i. If a seller properly tenders delivery of goods and buyer refuses to accept them, seller is under no obligation to attempt delivery again and may sue for breach of contract ii. If reasonable attempt to pay made, generally will be free from interest and court costs liabilities, should pay in legal tender (Bank of Canada notes, and $10 silver) 2 Agreement a. Parties may agree between themselves not to perform their contract and so discharge it. b. Waiver – agreement not to proceed with the performance of a contract already in existence i. If neither side has performed there is automatic consideration
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

S 4 A - discharges of contract - S 4 A Discharges of...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online