Exam (elaborations)
DISCHARGE OF A CONTRACT
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DISCHARGE OF A CONTRACT
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DISCHARGE OF A CONTRACTMeaning of a Contract:
A verbal agreement or a written agreement, particularly one concerning business, deals, or tenure
that is planned to be enforceable by law, is called a contract.
Definition of a Contract:
Contract, in the least complex definition, is a guarantee that is enforceable by law. The guarantee or
promise might be to accomplish something or to shun accomplishing something. The creation of an
agreement requires the common consent of at least two people, one of them usually making a
proposition and another accepting the contract.
Discharge of Contract:
The discharge of a contract is characterised as the end of an agreement or an arrangement made by
a couple of parties, which results in the failure in performing or playing out the obligations referenced
at the hour of making a contract with the acknowledgment of all the parties with free consent.
Subsequently, the commitments might be legal or contractual or performance, or even operational.
The different methods by which a contract can be discharged
are as follows:
Discharge of contract by breach of contract:
Breach of contract is concerned with the termination of the original contract due to the failure of
performing obligations by either or all of the parties, which discourages each of the other parties. It
relates to void or terminating the original contract completely. These breaches of contracts may be
either anticipatory or actual.
Discharge of contract by accord and satisfaction:
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