Business law encompasses all of the laws that dictate how to form and run a business. This includes all of the laws that govern how to start, buy, manage and close or sell any type of business. Business laws establish the rules that all businesses should follow.
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After a contract is formed, parties must perform their promises. A contract ends when it is discharged. If a party fails to perform, it results in breach and the other party gets legal remedies such as damages, specific performance, injunction or rescission. This topic explains performance, discharge, breach and remedies in an exam-oriented way.
Performance of contract means fulfillment of the obligations by the parties according to the terms of the contract.
Discharge of contract means termination of contractual obligations—parties are freed from further performance.
Breach of contract is failure of a party to perform his/her promise according to contract terms.
Damages are monetary compensation for loss due to breach.
Types (basic):
Quantum meruit means “as much as earned.” It allows a party to claim reasonable compensation for work already done when the contract is discharged/void in certain cases.
The aggrieved party must take reasonable steps to reduce loss; cannot claim damages for avoidable loss.
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After a contract is formed, parties must perform their promises. A contract ends when it is discharged. If a party fails to perform, it results in breach and the other party gets legal remedies such as damages, specific performance, injunction or rescission. This topic explains performance, discharge, breach and remedies in an exam-oriented way.
Performance of contract means fulfillment of the obligations by the parties according to the terms of the contract.
Discharge of contract means termination of contractual obligations—parties are freed from further performance.
Breach of contract is failure of a party to perform his/her promise according to contract terms.
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Actual vs attempted performance:
Modes of discharge (any three):
(Also: by operation of law, by breach.)
Discharge of contract means termination of contractual obligations so that parties are freed from further performance. A contract can be discharged in several ways.
Thus, discharge ends the contract and determines whether any remedy arises due to breach.