What do you mean by Discharge by Agreement
What do you mean by Discharge by Agreement?
Expert
A contract can also be discharged when the parties agree not to perform the contract, as illustrated below:-
1. Option to terminate: The contract may include a clause giving one or both parties the right to end the contract on certain terms without the consent of the other party.
2. Condition subsequent: The contract states that the agreement will be terminated if a certain event occurs, e.g., a ticket to an open-air concert may state that the musician’s obligation to perform is no longer valid in the event of rain, although the ticket holder may be entitled to a refund or rain date.
3. Condition precedent: The contract states that the agreement will come into existence only if and when a certain event occurs, e.g., an employment contract conditional upon spouse finding employment in the same city.
4. Rescission: The parties agree to bring their contract to an end.
5. Accord and satisfaction: The parties agree to substitute a new contractual obligation and to release a party from the existing one.
6. Release: The parties agree to discharge a contract without any new consideration, signing an agreement under seal.
7. Variation: The parties agree to make minor changes to the terms of a contract. It requires fresh consideration.
Write short note on The Litigation Process?
What are the Common Writing Requirements?
Illustrate what do you mean by Assignment of Rights?
What kind of proposal is required for approval of a majority of creditors?
What are the Standard Forms of Contracts?
What are the two categories of international business law?
Explain Export and Import Permits Act?
What are the illegal contracts of Common Law?
What do you mean by Equitable Remedies?
Explain what do you mean Exemption Clauses?
18,76,764
1928981 Asked
3,689
Active Tutors
1414026
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!