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What are the different ways in which a contract can be discharged? Describe these ways in details.

What are the different ways in which a contract can be discharged? Describe these ways in details.

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Published by sunnykapoor7
What are the different ways in which a contract can be discharged? Describe these ways in details.
What are the different ways in which a contract can be discharged? Describe these ways in details.

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Published by: sunnykapoor7 on May 05, 2010
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08/18/2013

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4. What are the different ways in which a contract can be discharged? Describethese ways in details.Ans
. Discharge:Discharge of the contract means termination of the contractual relationships betweenthe parties. A contract is said to be discharged when it ceases to operate. When therights and obligations created by it comes to an end.A contract may be discharged:
By performance
By agreement or consent
By impossibility of performance
By lapse of time
By operation of law
By breach of contract
Discharge by Performance
: When both parties performs theirrespectiveObligations.
Discharge by attempted to performance: When the promisor offers to perform hisobligations, but the promisee refuses to accept the performance than the performancewill be equivalent to the actual performance.
Discharge by Mutual Consent:
Novation: Novation takes place when a new contract is substituted foran existing one between the same parties or one party get replaced bythe other party. Like, Mergers & Acquisitions.
 
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:
Death
Natural Calamities
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

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