explain discharge of contract in detail

explain discharge of contract in detail

Good evening

Discharge of contract refers to the end or termination of a contract, or a contractual relationship- after the obligations of the contract are met. The most common method of discharge of contract is by the performance of the obligations of the contract. In simpler terms, if the parties within the contract fulfill their tasks, and perform their obligations, the contract can be discharged. It can also be terminated by the parties if they wish it to happen. The Limitation Act, 1963 prescribes a specified period for performance of a contract. If the party fail to perform, and take action within this specified period, the contract is discharged due to the lapse of time. A contract can be discharged by operation of law which includes insolvency or death of the promisor. The contract can also be discharged if there is a breach of contract, or an anticipated breach of contract. 

Read more about discharge of contracts here, with also one more method of discharge of metho-https://www.lawyersclubindia.com/articles/-accord-and-satisfaction-as-a-mode-of-discharge-of-contract--9390.asp

Hope this helped!






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