Week 8 - Agreement

Question 1

What must an agreement to abandon or vary a contract have?

Answer 1

Accord and satisfaction

Question 2

What does accord mean?

Answer 2

Agreement

Question 3

What does satisfaction mean?

Answer 3

Consideration, because the agreement must amount to a second contract

Question 4

When is it easy to show consideration moves from both parties?

Answer 4

If neither party has performed their obligations

Question 5

When is it hard to show consideration moves from both parties?

Answer 5

If one party has already performed part of their obligations

Question 6

Bilateral discharge by agreement

Answer 6

If contract is still wholly or partially executory, each party is giving up their rights

Question 7

Unilateral discharge by agreement

Answer 7

If one party has completely performed and the other party wants to be released from their obligations, they must provide some material benefit in return e.g compensation