Discharge of Contracts

Question 1

What are the ways that a discharge of a contract can come about

Answer 1

1) Agreement
2) release of parties from performance
3) impossible to perform (destruction, death)
4) breach of contract

Question 2

What are the different agreements that can discharge a party

Answer 2

Accord - substitue performance
Satisfaction - completion of the contract
Novation - creation of a new agreement

Question 3

When one party materially breaches a contract

Answer 3

the other party is discharged from all obligations under the contract

Question 4

Rescission

Answer 4

1) cancels a contract

2) places parties in position prior to the contract

Question 5

The statue of limitations timeframe

Answer 5

starts from when the contract was breached