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

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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ter-3ing to have that effect, done at or before the time at which such performance or offer may be made, and not rescinded before that time .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 .