Accord and Satisfaction Flashcards
1
Q
Accord and satisfaction?
A
when parties to an earlier K agree that performance will be satisfied instead by the completion of a different performance. - new performance is called accord.
The excusing of the initial performance obligation is called Satisfaction
2
Q
what happens when accord is not performed?
A
the other side can sue on either the original obligation or the new promise
3
Q
Novation
A
When Both parities agree that a substitute person will take over the contractual obligations.
If there is a valid novation then the original promisor will be excused from the performance
4
Q
Delagation
A
when one party assigned/asks someone else to do the work for them
