Termination or Discharge of Contracts

Prime purpose of this lecture is to describe on Termination or Discharge of Contracts. Termination or Discharge of Contracts takes pace when the parties to the contract are released from their contractual obligations. Contract termination may take in a number of way which are: termination by performance, mutual agreement, subsequent impossibility of performance, operation of law,lapse of time, material alteration, breach of contract etc. Finally focus on termination by mutual agreement and rules regarding the amount of damages.