Discharge of Contract: Agreement, Accord, and Satisfaction

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no.: [Insert no.]
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on: [List name/s]
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by: [List name/s]
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a)Issue:
The issue of instant case is how the contract has been discharged.
Rules:
 Discharge of a contract refers to the situations by means of which
a contract is ended. When any contract is being discharged, the parties are
freed from their respective obligations as per the terms of the contract.
 However, in some situations even if all the obligations are not
discharged, still the contract is said to be discharged. A contract is usually
discharged by 4 ways. They are discharge by performance of the contract,
discharge by agreement, discharge by frustration and discharge by breach of
contract.
 Discharge by agreement is generally two types; unilateral
discharge and bilateral discharge. Unilateral discharge occurs when one of the
parties has the right to surrender. Where one of the parties has absolutely
performed his obligation of the agreement, he is under no obligation, but he has
the right to compel the other party to perform his part of the agreement. A
promise of paying certain sum of money or providing some other type of
consideration in return that the other party gave up his rights will lead to the
discharge of the contract.
 Bilateral discharge happens when both the parties in the contract
L+CL / File Note / 1
Created: 18-09-2015 // Updated: 20-12-2022