There are five common methods to
terminate a contract/agreement
involving real property.
By Mutual Agreement:
A contract may be
discharged by mutual agreement
of the parties that it shall no
longer bind them, or that it
shall be replaced by another
contract in altered terms, which
are substituted for discharge
within itself.
By Performance:
A contract may be discharged by
performance or tender of
performance of the contract, in
which case the obligations of
the performing party are
fulfilled and the rights of the
other party are satisfied.
By Impossibility of
Performance:
A contract may be discharged
because of the impossibility of
performance, or frustration,
whereby supervening and
unanticipated circumstances
arising after the making of the
contract are held to absolve the
parties from their obligations.
By Operation of Law:
A contract may be discharged by
operation of law, e.g.,
discharge from bankruptcy,
alteration by one party without
consent of the other.
By Breach:
Breach or the breaking of the
contract by one of the parties,
results in the imposition of a
new obligation by conferring a
right of legal action on the
party injured by the breach.
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