Business Trade Law

ABBL3203 BUSINESS & TRADE LAW © Mr. Christopher Lin Chee Yoon

Lecture 6.1: Principles of Law of Contract III (continuation)

Objectives

• Examination of factors that discharge a contract

• Understanding the consequences of a discharge of contract

• Examination of remedies available to the innocent party in the event of breach of contract

Learning outcomes

At the end of the lesson(s) you should be able to:

• List and explain the ways in which a contract may be discharged

• Describe and compare the legal status and consequence(s) between the various factors of discharge

Describe and differentiate between various remedies available for breach of contract

| |

|DISCHARGE of Contract |

|Introduction |

|A contract is terminated when it is discharged; the discharge of a contract frees the parties from any further |

|obligations arising from it |

|The factors that discharge a contract are: |

|Performance of a contract |

|Consent or agreement of the parties |

|Impossibility of performance |

|Breach of the contract |

|(See Contracts act 1950 s 40) |

|...