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The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement. A valid accord does not discharge the prior contract; instead it suspends the right to enforce it in accordance with the terms of the accord contract, in which satisfaction, or performance of the ...
Part 7 – Performance and Discharge Chapter 21 – Performance, Chapter 22 – Discharge By Agreement, Chapter 23 – Discharge By Frustration, Chapter 24 – Discharge By Breach, Chapter 25 – Other Modes of Discharge
In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence. [1]
Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance. Breach occurs when a party to a contract fails to fulfill its obligation(s), whether ...
In law, set-off or netting is a legal technique applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. [1] [2] It permits the rights to be used to discharge the liabilities where cross claims exist between a plaintiff and a respondent, the result being that the gross claims of mutual debt produce a single net claim. [3]
The burning down of the Surrey music hall in Taylor v Caldwell deemed a contract for its hire frustrated. Early cases such as Paradine v Jane (1647) [5] show the historical line that the courts took toward a frustration of purpose in contract; here, the courts held that where land under lease to the defendant had been invaded by Royalist forces, he was still under obligation to pay rent to the ...
BEIJING (Reuters) -China and Japan reached a consensus in August on the discharge of radioactive water from the Fukushima nuclear plant, the Chinese foreign ministry said on Friday, bringing to an ...
In the United States military, discharge by purchase was introduced in 1890 for the Army, [2] 1902 for the Marine Corps, [3] and 1906 for the Navy. [4] This practice was abolished in 1953. [5] In the Irish Defence Forces, discharge by purchase is permitted under the Defence Act 1954. [6] Typically, discharge by purchase is suspended during wartime.
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