Discharge of Contract Meaning
Discharge of Contract Meaning
Discharge of contract meaning is defined as “the termination of the contract or agreement by the contracting parties due to failure in the performance of the contractual obligations agreed upon during the formation of the contract.”
Modes of Discharge of Contract
Hence, the contractual obligations may be contractual or legal or operational or even by the performance itself. So it is important to understand that a contract can be discharged by different modes of discharge of contract.
Modes of Discharge of Contract
Modes and types of discharge of contract have been provided under sections 62 to 67 of the Indian Contract Act, 1872. What are the modes of discharge of contract? There are 6 modes of discharge of contracts under the Indian Contract Act, 1872.
Let’s discuss them one by one in detail, a contract may be discharged by;
- Discharge of contract by performance
- Discharge by mutual agreement
- Discharge of contract by impossibility of performance
- Discharge of contract by operation of law
- Discharge by lapse of time
- Discharge by breach of contract
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