Explain four methods by which a legal contract may be terminated.
- Leaving Cert Business - Question B - 2005
Question B
Explain four methods by which a legal contract may be terminated.
Worked Solution & Example Answer:Explain four methods by which a legal contract may be terminated.
- Leaving Cert Business - Question B - 2005
Step 1
By Performance
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Answer
A contract is considered terminated by performance when the obligations specified in the contract have been fulfilled by the parties involved. It means that the parties have executed their duties as per the contract terms, which signifies all responsibilities have been discharged.
Step 2
By Agreement
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Answer
The parties involved may mutually agree to terminate a contract. This often occurs through a formal agreement where both parties consent to end the contract, effectively relinquishing their obligations and rights under the original agreement.
Step 3
By Breach
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Answer
Termination can occur if one party fails to uphold their responsibilities as outlined in the contract. This breach allows the affected party to terminate the contract and seek remedies for any damages incurred due to the breach.
Step 4
By Frustration
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Answer
A contract may also be terminated by frustration, which happens when unforeseen events make it impossible for one or both parties to fulfill the contract. This could involve significant changes in circumstances that impede the ability to complete contractual obligations, leading to termination.
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