Contract Performance and Discharge
Free CPA REG (Taxation & Regulation) lesson in Business Law. 14 min read, ~2,168 words.
Substantial performance: minor good-faith deviation → recover price minus the lesser of cost to cure or diminution in value. Conditions: precedent (gates duty), concurrent (simultaneous), subsequent (extinguishes duty). Common law modifications need new consideration; UCC §2-209 modifications need only good faith. Accord suspends original duty; satisfaction discharges it. Impossibility (objective)...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Key Takeaways
- Exam Shortcuts
Learning objectives
- II.B2
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