Alteration: Alteration of a contract may takes place when one or moreof the terms of the contract are altered by the mutual consent of theparties of the contract. In such the old contract get discharged.
Remission: Remission means acceptance of lesser fulfillment of thepromise made.
Rescission: It takes place when all or some of the terms of the contractget cancelled. It may occur by the mutual consent of the parties orwhere one party fails in the performance of its obligation.
Discharge by Impossibility:
Change in Law & Regulations
Commercial Impossibility (Not an Excuse)
Performance Difficulty (Not an Excuse)
Impossibility due to failure of third person (Not an Excuse)
Discharge by Breach:
Breaking of an obligation which a contract imposes
Occurs when a party to the contract without lawful excuse does notfulfill his contractual obligations or by his own act makes it impossiblethat he should perform his obligation under it