Useful vocabulary for Discharge (extincion/cumplimiento) and Remedies in Contract Law.
- Discharge of Contract (cumplimiento/extincion)
Release (liberacion) from contractual obligations may take place:
a. by performance: basically contract carried out and respected.
b. frustration: eg…the contact is impossible o perform due to some extraneous event, like the pandemic.
c. Breach: ie…one of the parties breaks a condition of the contract.
d. Agreement: Mutual agreement to cancel the contract, known in legal circles as Accord and Satisfaction.
2) Remedies for Breach of Contract:
a. Damages: Money claimed as compensation for loss. (liquidated-specified in the contract, unliquidated-fixed by the court).
b. Specific Performance: Where court obliges one of he parties to perform their contractual obligations.
c. Injunction: To stop a party breaking the contract.
d. Rescission: In certain circumstances (eg…misrepresentation), parties may, by rescission, be restored to their original pre-contract position.
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