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Unit 1
Terminating a Contract
Term | Definition |
---|---|
1.Performance | Both parties carry out their side of the contract. EXAMPLE: A builder builds a house and the owner. |
2.Agreement | Both parties agree to end the contract . EXAMPLE:The homeowner decides not to go ahead with the construction of the new house and the builder agrees to cancel the contract. |
3.Frustration | Some Unforeseen event makes it impossible to carry out the contract. EXAMPLE: The death of one of the parties to the contract. |
4.Breach | One party to the contract breaks an essential condition of the contract. EXAMPLE: The builder stops construction before the house is completed. |