DISCHARGE OF CONTRACT
DISCHARGE OF CONTRACT Discharge of contract means termination of the contractual relationship between the parties. A contract is said to be discharged when it ceases to operate, i.e., when the rights and obligations created by it come to an end. A contract may be discharged I. By performance. II. By agreement or consent. III.By impossibility of performance. IV. By lapse of time. V. By operation of law. VI. By breach of contract. I.DISCHARGE BY PERFORMANCE Performance means the doing of that which is required by a contract. Discharge by performance takes place when the parties to the contract fulfill their obligations arising under the contract within the time and in the manner prescribed. In such a case, the parties are discharged and the contract comes to an end. But if only one party performs the promise, he alone is discharged. Such a party gets a right of action against the other party who is guilty of breach. Performance of a contract is the most usual mode o