Discharge of Contract and Contractual Remedies

5 important questions on Discharge of Contract and Contractual Remedies

What is 'discharge of a contract'?

When a contract comes to an end. There are four methods of terminating a contract...

What is bilateral agreement to discharge?

This is where neither party has completed all their obligations under the contract. They both agree to release each other from completing the contract.

What is discharge by performance?

When each party does exactly and exactly what they promised to do, so that the contract ends because all the obligations under the contract have been performed.
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What is discharge of a contract by frustration?

When an event happens to one/either party which makes the contract impossible, illegal, or radically different from what had been agreed. There must be no fault of either of the parties.

What is discharge of a contract by breach?

A contract is breached if one of the parties breaks on or more of the terms of the contract, or indicates in advance that he does not intend to perform the contract.

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