Robert Ralston
Published: 2016-12-23
Total Pages: 84
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Excerpt from The Principles of the Law Relating to the Discharge of Contracts But this rule applies to the contract only so long as it remains executory; for when it has become executed wholly or in part by the passage of a consideration, it cannot be discharged by a simple agreement, but only by performance of its terms, by a release under seal, or by an accord and satisfaction.2 TO illustrate - If A, in consideration of certain services to be rendered by B, promises to build a house for B, before the work has been begun the parties may release each other from all the obligations which they have incurred, by simply agreeing to abandon the contract. But if A entered upon the work and built the house, an agreement to rescind the contract would be without consideration; A would surrender his claim to B's services, but B would give nothing in return. So, if the contract were broken one party would become entitled to a right of action against the other, and a mere waiver of the right without any consideration, or the formality of a seal, would not be binding. In England promissory notes and bills of exchange form an exception to the rule which we have stated. The obligations created by such instruments may be discharged by express waiver, without any considera tion.3 The reason for this difference, which is given by baron parke in the case of Foster Dawber, '1 is, that bills of exchange are governed by the law mer chant, which was imported into England from coun tries where a debt might be released by express words. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.