Termination of CONTRACTS
Last updated on January 12, 2023 / By
A contract is a legally binding agreement between two or more parties. When a contract is terminated, it means that the agreement is no longer in effect and the parties are released from their obligations under the contract. There are several ways in which a contract can be terminated, including:
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Performance: If all of the parties have fulfilled their obligations under the contract, the contract will be considered complete and will be terminated.
Breach: If one party fails to fulfill their obligations under the contract, the other party may choose to terminate the contract. This is known as a “breach of contract.”
Mutual agreement: The parties may choose to mutually agree to terminate the contract. This is known as a “mutual release.”
Impossibility: If it becomes impossible for one or more parties to fulfill their obligations under the contract, the contract may be terminated. This is known as “impossibility of performance.”
Termination by law: In some cases, a contract may be terminated by law, such as if it is found to be illegal or against public policy.
It is important to carefully review the terms of a contract before signing it, as well as any applicable laws, to understand the conditions under which the contract may be terminated. If you are considering terminating a contract, it is advisable to seek the advice of an attorney to ensure that you are taking the appropriate steps and to protect your legal rights.