Contract Performance and Discharge

Free CPA REG (Taxation & Regulation) lesson in Business Law. 15 min read, ~2,221 words.

Substantial performance: minor good-faith deviation recovers contract price minus the lesser of cost to cure or diminution in value. Conditions: precedent (gates duty), concurrent (simultaneous), subsequent (extinguishes duty); failure excuses performance but is not breach. Common law modifications need new consideration; UCC §2-209 modifications need only good faith. Accord suspends...

What this lesson covers

• Content
• Example 1
• Example 2
• Common Mistakes
• Check Your Understanding
• Exam Shortcuts

Learning objectives

• II.B2

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