What do you mean by discharge by Performance

Question

What do you mean by discharge by Performance?

Answer 1

Discharge results when adequate performance in accordance with the contract has been completed by both the sides. When contracting parties enter into an agreement, this is known as an anticipated outcome. In some of the agreements, time is not of soul as well as late performance will be allowed, even though party which performs late will be responsible for whichever losses the other party undergo as a result. In other occurrence, time is of soul as well as late performance can be declined.