Which Is Not Considered A Discharge Of Contractual Obligations By Agreement
Minor`s first payment was late, as were several subsequent payments. Sometimes he has not been able to make the payment for months. Chase calculated a late payment fee for each late payment and sent several letters requesting payment and offering to help Minor with his account. Chase also warned Minor that continued non-payment of payments would result in Chase exercising its legal options under the agreement, including taking over the vehicle. At one point, Minor fell so far behind in his payments that Chase was about to bring the vehicle back into possession. But. the parties have agreed on a two-month extension of the agreement. The renewal agreement stated that all other terms of the original contract would remain the same. According to Lawyers.com`s Reasons to End or Terminate a Contract, parties to a contract can legally terminate it if one or both parties commit fraudulent acts or false statements of fact.
Obviously, under fraudulent conditions, one or both parties will not fulfill their duties or obligations. Neither party is required to pursue a contract that is fraudulent or contains distorted facts. The legal steps are to get out of the contract. The process of entering into a contract as a result of fraud or misrepresentation of facts is called withdrawal. Performance obligations under a contract cannot be dismissed lightly, but a person`s obligation to perform a contractual obligation may be fulfilled when it becomes impossible or very difficult to do so. These include impossibility, impracticability of the common law, commercial impracticability after UCC, and frustration with the objective. but not completely, so that the other party has received a benefit, the non-breeding party owes something for the value received. The (second) reformulation of contracts expresses it as follows: reformulation (second) of contracts, Article 237 d). . .