How Legal Contract Terminated
Frustration
impossible to complete terms
e.g death
unforseen event
Performance
contract executed
now ceased
both parties fulfill terms
Agreeement
no longer want to carry out terms of contract
mutual consent - end contract early
both parties decide
Breach
condition: essential element, if broken, lead to breach
warranty: small element, non-essential, wouldn't lead to breach
legal action for compensation
one party breaks contractual obligations for a condition
Remedies For Breach :
1. Specific Performance
fulill agreed terms
carry out contractual obligations
court orders party who broke contract
2. Financial Compensation
party in breach have to pay value of contract
extra costs e.g earnings lost
judge offers damages in form of money
3. Rescind Contract
return to position before contract
i.e cancel conract
court orders both parties