Discharge by Performance & Types

Discharge by Performance

The contract comes to an end when both parties fulfill their respective duties by performing the acts they have promised.

Types of Performance:

§ Complete Performance.

§ Substantial Performance (minor breach).

§ Performance to the Satisfaction of One of the Parties or a Third Party.

Case 16.1: Jacobs & Young v. Kent (1921).

Conditions & Types of Conditions

Conditions

Possible future event, the occurrence or nonoccurrence of which will trigger the performance of a legal obligation or terminate an existing obligation under a contract.

Types of Conditions:

§ Conditions Precedent.

§ Conditions Subsequent.

§ Conditions Concurrent.

•    Express.

•    Implied in Fact.

•    Implied in Law.

Contracts: Performance and Discharge

Contracts: Performance and Discharge

Introduction

How does a party know when his or her obligations under the contract are at an end?

A party may be discharged from a valid contract by:

§ A condition occurring or not occurring.

§ Full performance or material breach by the other party.

§ Agreement of the parties.

§ Operation of law.