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Contract II & III (Discharge of a contract - means that parties are…
Contract II & III
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Conditions, Warranties, and Innominate Terms
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Exemption Clauses
Contractual term inserted into contracts for the purpose of excluding or limiting the liability of one of the parties to contract.
Discharge of a contract - means that parties are no longer required to carry out their obligations under the contract.
Performance - all parties have carried out their respective promises and obligations under the contract.
Agreement - contract itself contains a term which sets out the method by which the contract is discharged.
Acceptance of breach - when one party breaches the contract, and the other party accepts the breach.
Frustration - when it becomes impossible to perform due to circumstances beyond the control of parties.
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