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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) |
|...