5 WAYS TO TERMINATE A CONTRACT

~ Prakrati Mishra

A contract is a legal document that binds atleast two parties to one another and requires them to meet certain obligations detailed in the contract. In some instances, contract termination can occur that will make the contract void of legal binding. Only the parties involved in the agreement may terminate a contract.

1] IMPOSSIBILITY OF PERFORMANCE :-

A contract typically requires one or more parties to do something which is called Performance.

Eg :- A company may hire and sign a contract to have a public speaker talk at a company event.

Once the public speaker fulfills his duties agreed upon in the contract, it is called performance. If for some reason it is impossible for the public speaker to fulfill his duties , it is called impossibility of performance or sometimes Frustration.

2] BREACH OF CONTRACT :-

When a contract is intentionally not honored by one party, it is called a Breach of Contract and is grounds for contract termination. A breach of contract may exist because one party failed to meet his obligations fully.

Eg :- If you purchase a product that did not arrive until a day after they agreed upon the delivery date that is an immaterial breach of contract.

However, if your orders did not come until two weeks after the delivery date and it affected your business, then that is material breach of contract.

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Published by Prakrati Mishra

A student of SY BA specializing in English. After Graduating, will be studying Law for JMFC Exam. With this web page I am sure that each one of us will find it helpful in some way or the other also we can have debates over the ongoing topics or can write your personal opinions or helpful information that can make the blog more enhanced. Basically my main moto to start writing the blogs is to learn the mindset of our people ; to understand the pros and cons about our country and to make people aware of the current situations going on in our country. The best part about blogging is that we're not locked up anywhere we can Express our Views Express the Saddest situations of our country Express the happiest and Proudest moments of our country and learn to respect the Laws made by our Drafting Committees The Parliament and other. We are all Indians and before being an Indian we all are Humans hence it is our responsibility that we think good about Other Human Other Country and make our country a safer place to live in a better place to work and faster place to take actions. !

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