BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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complete performance of the terms of the contract.
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substantial performance of the terms of the contract.
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substandard performance of the terms of the contract.
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All of these are considered a discharge of the contract.
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Detailed explanation-1: -The discharge of the contract takes place when the obligations of the contract between the parties of the contract come to an end. This also ends the legal validity of the contract. The discharge of the contract is also referred to as the termination of the contract.
Detailed explanation-2: -The main ways that a contract can be discharged include through performance, breach, agreement or frustration.
Detailed explanation-3: -What is Complete Performance of a Contract? Complete performance by a party means that the contracting party has fulfilled every duty required by the contract. A completely performing party is entitled to a complete performance by the other party.
Detailed explanation-4: -When the parties to a contract fulfil the obligations arising under the contract within the time and manner prescribed, then the contract is discharged by performance. Example: Peter agrees to sell his cycle to John for an amount of Rs 10, 000 to be paid by John on the delivery of the cycle.