How Much Better Does The Piano Make You At Math Four Ways A Contract Can Be Discharged

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Four Ways A Contract Can Be Discharged

There are four ways in which a contract can be performed. They are for performance, agreement, repudiation and frustration. When a contract is deemed executed by execution, what it means is that the parties to the contract have fulfilled their legal obligation and there is no further need to continue the contract. For example, Ben offered his expensive watch to Sam for \$5,000. Sam accepted the offer and Ben handed him the watch and in return Sam paid him the agreed amount of money. In this case, the contract has been concluded because both parties have fulfilled their contractual obligation. Unfortunately, life is not as simple as this, as there are circumstances in which the parties to the contract may find it difficult to fulfill their contractual obligations. In this situation there can only be partial performance and the question is whether this is acceptable.

Suppose Simon is a math tutor and agrees with Mary to teach her math tuition for 10 lessons at \$100 per lesson. Simon completes 6 lessons and is unable to continue teaching Mary because he has some personal issues to resolve. The question is whether Mary has to pay for the 6 lessons that Simon already did. At one time, the court held that if a party to a contract has not fully performed its obligation, it need not be compensated. However, over a period of time the court has reconsidered and now there is a possibility that Simon can claim the 6 lessons on what is called the “quantum meruit”. This is a Latin phrase meaning “payment for work done.” But Simon’s ability to claim part payment is based on whether Mary has benefited in any way from the contract. In this case, Mary may have benefited from the contract and may have to pay. However, if Simon only did one lesson and stopped teaching her, Mary may be able to refuse to pay as she can claim that she has not benefited from the contract. This is relatively subjective and something the court might have to decide based on the merits of the case, if this case ever goes to court.

However, there are circumstances in which party performance should not be compensated. What if you ordered a chicken cutlet at a restaurant and it turned out to be half cooked. Can you pay half price for this? Obviously not!

Another way to enforce a contract is through an agreement. It is when both parties agree before formalizing the contract that, when a certain event occurs, the contract will be resolved or that if one of the parties wants to terminate the contract, they must notify the other party of a period of notice. Agreed dismissal is a common feature in the employment contract where the parties can agree in advance that if the worker wants to resign, he must give a period of notice and vice versa for the employer as well. Another example is the prenuptial agreement that couples enter into before marriage.

The third way in which a contract is terminated is by repudiation. This is where one of the parties willfully breaks the agreement. For example, Michael agreed to sell his piano to Susie for \$3000. Susie agrees to buy the piano and tells Michael that she will pay him the money the next day. Afterwards, Brad comes and agrees to buy the piano from Michael for \$5,000. Michael sells the piano to Brad. By doing this, he breaks his agreement with Susie, as the contract has already been decided between Michael and Susie. Susie has her right to sue Michael for breach of contract. There is a possibility that the court will order Michael to buy the piano back from Brad and sell it to Susie at the agreed upon price or give her some form of compensation.

The ultimate method of terminating a contract out of frustration. This means that one or both parties cannot fulfill their contractual obligation due to some unforeseen event that prevents them from continuing with the contractual relationship. You bought a ticket to see a famous pop group concert. Before the concert, the lead singer of the members of the pop group died of a drug overdose. Therefore, the concert is canceled as it would be impossible to continue the concert. Therefore, the contract is considered frustrated. So you can get a refund for the ticket you bought. It is also possible for a contract to be terminated when the contract becomes illegal. For example, if a product is for sale and the government later passes legislation banning the product, then subsequent sales of the product are considered illegal.

Once the contract is terminated, the contract is terminated.

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