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When making a purchase in-store or online, the consumer effectively makes an offer to pay a specified amount.
Upon completing the payment, the store or online vendor accepts the payment, and the consumer receives the item.
This exchange completes the contract, referred to as having been "discharged."
- Definition of Discharge: Discharge refers to the termination of a contractual obligation where both parties have fk ulfilled their respective duties, resulting in no more obligations.

In a completed transaction (e.g., in-store purchase), the contract becomes executed:
- The buyer fulfills their obligation by paying.
- The seller fulfills their obligation by providing the item.
- Post-transaction, neither party holds further obligations nor debts toward the other.

When purchasing online, although an offer is made and accepted, the delivery of the product is pending:
- Until delivery occurs, the seller retains an obligation to provide the item.
- The contract is not fully executed or discharged until the item is delivered to the buyer.

Contracts can be discharged through rescission, meaning that both parties agree to terminate the contract.
- Rescission can occur due to mutual agreement, particularly in cases of litigation or client representation situations:
- Example: An attorney may end a representation by informing the court or by mutual decision with the client who may choose another lawyer.
- After rescission, parties typically have no further obligations.

In contracts involving minors, discharge can occur through affirmation.
Even if a minor affirmatively discharges a contract, they may still owe restitution for benefits received.
The primary means to discharge a contract is through full performance.

Contracts contain various conditions that dictate parties' obligations, including express conditions, implied conditions, and concurrent conditions.

Express Conditions:
- Clearly stated obligations within the contract (e.g., "Payment is due at signing").
Implied Conditions:
- Not explicitly stated but understood to be part of the contract (e.g., buyer's title must be clear).
Concurrent Conditions:
- Obligations that occur simultaneously (e.g., a lease payment and possession of an apartment).
- If one party fails to fulfill their duty (e.g., landlord not providing possession), the other party is not obligated to perform (e.g., tenant is not obligated to pay).

Condition Precedent: An event that must occur before a duty arises (e.g., obtaining financing before buying property).
Condition Subsequent: An event that, if it occurs, may nullify previously established duties (e.g., maintaining employment contingent upon passing the CPA exam).

Examples:
- In a real estate transaction, an agreement may be contingent upon the buyer securing a mortgage.
- If the buyer cannot obtain financing, they have no obligation to continue the purchase.

An employment agreement may stipulate that the employment continues as long as the employee passes necessary examinations.
Failure to meet this condition could result in termination of employment.

Contracts generally terminate through full or substantial performance.
Strict Performance/Opposite: Requires complete compliance with the contract terms; a failure to meet any obligations constitutes a breach.
Substantial Performance: A modern approach recognizes that minor deviations from the contract may not constitute a breach, allowing for partial payment despite some noncompliance.
- Example: Building a house where minor details (like paint color) were incorrect may still be considered substantial performance, allowing the contractor to collect payment minus repair costs.

Minor Breach: Does not affect the contract's main purpose and may allow for deductive adjustments (e.g., repaint for incorrect bathroom color).
Material Breach: Affects the core of the contract obligations (e.g., not completing construction). This results in complete payment withholding from the breaching party.

Certain contracts may require subjective evaluations of performance satisfaction (e.g., artistic projects).
If an individual is not satisfied, they are under no obligation to fulfill payment.

Good Faith: A duty imposed on parties to ensure fair execution of contractual obligations.
Time of the Essence: Indicates that deadlines within the contract are significant.
- Failure to meet specified deadlines may constitute a material breach (e.g., deadlines for property closings).

Time limits on filing lawsuits related to breaches must adhere to specific legal timelines:
- General Limitations: 6 years for contracts; 4 years for sales of goods.
- For leases, monthly obligations should still be upheld despite missed prior payments.

True Impossibility: Situations where fulfillment of a contract is no longer feasible (e.g., destruction of a subject matter).
Commercial Impracticability: Concept applied when fulfilling a contract becomes extraordinarily burdensome due to unforeseeable events (e.g., pandemics, supply chain issues).
Circumstances alleviating contractual obligations must be significant and beyond mere price increases or availability concerns.

Understanding these principles surrounding contracts is essential for navigating legal obligations, potential breaches, and the remedies that can be pursued in case of non-performance.