What is a discharge of contract?

A discharge of contract is the termination of a contract due to the fulfillment of its terms and conditions or due to a breach of contract. In South Carolina, a contract can be discharged in several ways. First, both parties may choose to terminate the contract with mutual consent. This happens when both parties agree to end the contract before it is fulfilled. Second, a contract may be discharged due to a breach of contract by one of the parties. If one party fails to fulfill their obligations, the other party may be relieved from completing their obligations. Third, a contract may be discharged due to a material breach of contract. This is when a party fails to perform a major obligation of the contract. Finally, a contract may be discharged when the purpose of the contract becomes impossible to fulfill. For example, if the contract is for the sale of an item and that item is destroyed, the contract will be discharged.

Related FAQs

What is a promissory note?
What is an anticipatory breach of contract?
What is equitable estoppel?
What is a warranty of title?
What is a breach of contract?
What is the doctrine of privity?
What is a contract of employment?
What is the effect of a breach of contract?
What is an executed contract?
What is the effect of illegality in a contract?

What is a discharge of contract?

Related FAQs

Related Blog Posts