Page:United States Statutes at Large Volume 47 Part 1.djvu/1213

 72d C ONGRESS. SESS. II. CH. 128 . FEBRUARY 27, 1933 . 2 . When it is prevented or delayed by an irresistible, super-human cause, or by the act of public enemies of the United States, unless the parties have expressly agreed to the contrary ; or, 3 . When the debtor is induced not to make it, by any act of the creditor intended or naturally ter-3ing to have that effect, done at or before the time at which such performance or offer may be made, and not rescinded before that time. CROSS REFERENCE E xcuse of perfo rmanc e, se e sec tion 436. Ante, p. 1184. SEC. 475. E~ rECT OF PREVENTION OF PERFORMANCE .-If the her- Eff ect of preven tion of performance. formance of an obligation be prevented by the creditor, the d ebtor is entitled to all the benefits which he would have obtained if it had been performed by both parties. SEC. 476. SA ME .-If perform ance of an oblig ation is prevent ed by any cause excusing performance, other than the act of the creditor, the debtor is entitled to a ratable proportion of the consideration to which he would have been enti tled upon full p erformance, acco rding to the benefit which the creditor receives from the actual per- formance. SEC. 477. EFFECT OF REF USAL TO ACCEPT PERFORMANCE BEFORE Refusal to accept, OFFER.-A refusal by a creditor to accept performance, made before before o ffer. an offer thereof, is equivalent to an offer and refusal, unless, before performance is actually due, he gives notice to the debtor of his willingness to accept it. Cross RE E ENc E Refusal to perform entitle~ the other party to enforce the obligation, without Ante, p.1184 performance on his part, see section 436. ACCORD AND SATISFACTION Acco rd and sa tisfac tion. SEC. 478. Acc oRD, WHAT .-An accord is an agreement to accept, in extinction o .f an obligation, something different from or less than that to which the person a greeing t o accept is entitl ed. CROSS REFE RENCES Order on third person, effect of, see section 485. Post, p. 1190. Release of obligations, see sections 486 et seq. Post, p. 1190. Substituting new obligation for existing one is novation, see sections 482 Post, p. 1190. et seq. SEC. 479. ErrlrCT OF AccoRD.-Though the parties to an accord are bound to execute it, yet it does not extinguish the obligation until it is fully executed. SEC. 480. SATISFACTION, WHAT .-Acceptance, by the creditor, of the considerat ion of an accor d extinguishes t he obligation, a nd is called satisfaction. CRO SS RE> Fi Er 4oE Part performance, see section 481. SEC. 481 . PART PERF ORMANCE.-Part performance of an obligation, either before or after a breach thereof, when expressly accepted by the creditor in writing, in satisfaction, or rendered in pursuance of an agreement in writing for that purpose, though without any new consid eration, e xtinguish es the ob ligation. 'Accord ." Effect of . "Satisfaction ." 1189 Part performance.