What is a discharge of contract?

A discharge of contract is an agreement between two or more parties that terminates a contractual obligation. In North Carolina, a discharge of contract is legally binding and can be used to end an existing contractual agreement. The parties involved in the contract are no longer obligated to uphold their end of the agreement, and any remaining obligations between them are extinguished. In order for a discharge of contract to be legally binding, the two parties must agree to it. This can be done by verbal or written agreement, although it is advisable to use a written agreement when possible. The agreement must also be mutually agreed upon by both parties in order for it to be valid. Once a discharge of contract has been made, the contractual obligations between the two parties are extinguished and any other debts or obligations related to the agreement are no longer owed or enforceable. Furthermore, the parties are no longer liable to each other and the terms of the original contract no longer apply. In most cases, when a discharge of contract is used, it is considered to be an irrevocable agreement made in good faith. This means that the parties involved cannot back out of the agreement, rendering the contract unenforceable and no longer valid.

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