Discharge Flashcards
(3 cards)
1
Q
Discharge
A
If conditions are excused or satisfied, the parties have an absolute duty to perform unless that duty is discharged (i.e., extinguished). If some supervening event or change in circumstances arises after a contract is formed, the duty to perform might be discharged. Depending on the context, discharge may occur for any of the following reasons:
- Impracticability
- Frustration of purpose
- Rescission by mutual agreement
- Release
- Destruction of or injury to identified goods
2
Q
Release
A
A release is a writing that manifests intent to discharge another party from an existing duty.
2
Q
Rescission
A
Rescission is the act of cancelling a contract and placing the parties as close as possible to their original positions before the contract was formed.
