How contract can be terminated? And state it’s procedure?

Question

Accepted Answer

A contract can be terminated through mutual agreement, breach, frustration, or operation of law.

Termination by mutual agreement requires both parties to agree to end the contract.
Termination by breach occurs when one party fails to fulfill their obligations under the contract.
Termination by frustration occurs when unforeseen events make it impossible to fulfill the contract.
Termination by operation of law occurs when a change in law makes the contract illegal or impossible to perform.
The procedure for termination should be outlined in the contract itself.
If not, the parties should communicate their intent to terminate and follow any applicable legal procedures.
For example, if terminating due to breach, the non-breaching party may need to provide notice and an opportunity to cure before terminating.
If terminating due to frustration, the parties may need to negotiate a new agreement or seek legal intervention.
It is important to follow proper termination procedures to avoid potential legal disputes.

Accepted Answer

Contracts can be terminated through mutual agreement, fulfillment of contract terms, breach, or by invoking termination clauses as outlined in the contract. The procedure typically involves notifying the other party in writing, citing the reason for termination, and adhering to any specified notice periods and contractual obligations.

How contract can be terminated? And state it’s procedure?

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