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Discharge,
Performance, and Cancellation of a Contract (Summary)
When a contract has been discharged,
it has been completed to the satisfaction of both parties. When a contract has
not been successfully discharged, it can be the basis of a lawsuit between the
former parties to the agreement. Failure of performance can come about through
abandonment or rescission of a contract. Rescission is a term referring to the
cancellation of the contract, either by the parties’ agreement or through
judicial action. Breach of contract is an important term because any breach
will give the nonbreaching party the right to sue for damages. However, a
material breach can give to nonbreaching party the right to cancel the contract
entirely and sue the other party for damages associated with the cancellation.
There are some breaches that may be legally excused. For instance, when a
breach is brought about because of the impossibility of performance, the breach
will be excused and the party will not liable for damages. Other legal excuses
include the death of one of the contracting parties, destruction of subject of
the contract, and the declaration of war where the contract is supposed to be
performed. (Business Law: A Hands-On
Approach – Neal R. Bevans)
What is cancellation of a contract
different from recession of a contract?
An]yL.mgt],pqt]:ptivin],'El:tc];An]Tgn]Kiun];ptivin],'n}nn].mn];pUic]:kn]sUic].huiw]?"
