Discharge of Duties: Discussions in Contracts Podcast
This podcast discusses a discharge of duties such that parties do not have to perform their contractual obligations and cannot demand performance under the other party's contract. Consideration is required to support enforcement of an agreement, including a modification of a contract resulting in a discharge of duties. This podcast will look at discharge by rescission, substituted performance, substituted contract, novation, and accord and satisfaction. We will also look at when a discharge is enforceable where it is supported by consideration, including where there is the use of an instrument under U.C.C. § 3-311. The podcast steps you through analyzing numerous hypos.
On completion of the podcast, the student will be able to:
1. Explain, identify, and apply each of the methods by which parties may seek discharge to contractual duties: rescission, substituted performance, substituted contract, novation, and accord and satisfaction.
2. Explain when attempts to discharge duties using one of these methods are not enforceable due to lack of consideration for the discharge.