Contracts Act · s 64

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64.
Promisee may dispense with or remit performance of promise
Every promisee may dispense with or remit, wholly or in part, the performance of the promise made to him, or may extend the time for such performance, or may accept instead of it any satisfaction which he thinks fit.
Illustrations
(a)
A promises to paint a picture for B. B afterwards forbids him to do so. A is no longer bound to perform the promise.
(b)
A owes B $5,000. A pays to B and B accepts, in satisfaction of the whole debt, $2,000 paid at the time and place at which the $5,000 were payable. The whole debt is discharged.
(c)
A owes B $5,000. C pays to B $1,000 and B accepts them, in satisfaction of his claim on A. This payment is a discharge of the whole claim.
(d)
A owes B under a contract, a sum of money, the amount of which has not been ascertained. A without ascertaining the amount, gives to B and B in satisfaction thereof, accepts the sum of $2,000. This is a discharge of the whole debt, whatever may be its amount.
(e)
A owes B $2,000, and is also indebted to other creditors. A makes an arrangement with his creditors, including B, to pay them a composition of 50 cents in the dollar upon their respective demands. Payments to B of $1,000 is a discharge of B’s demand.

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s 64Promisee may dispense with or remit performance of promise

Every promisee may dispense with or remit, wholly or in part, the performance of the promise made to him, or may extend the time for such performance, or may accept instead of it any satisfaction which he thinks fit.

Illustrations

(a)

A promises to paint a picture for B. B afterwards forbids him to do so. A is no longer bound to perform the promise.

(b)

A owes B $5,000. A pays to B and B accepts, in satisfaction of the whole debt, $2,000 paid at the time and place at which the $5,000 were payable. The whole debt is discharged.

(c)

A owes B $5,000. C pays to B $1,000 and B accepts them, in satisfaction of his claim on A. This payment is a discharge of the whole claim.

(d)

A owes B under a contract, a sum of money, the amount of which has not been ascertained. A without ascertaining the amount, gives to B and B in satisfaction thereof, accepts the sum of $2,000. This is a discharge of the whole debt, whatever may be its amount.

(e)

A owes B $2,000, and is also indebted to other creditors. A makes an arrangement with his creditors, including B, to pay them a composition of 50 cents in the dollar upon their respective demands. Payments to B of $1,000 is a discharge of B’s demand.