Exam 13: The Termination of Contracts: Discharge

Rescission of a contract occurs when two parties mutually agree to cancel a contract they had previously made.

Under the common law, a contract can be discharged for circumstances beyond the control of the parties if the contract contains a(n) ____________________.

If no time for performance is stated in a contract, the contract must be completed within a(n) ____________________ time.

When a contract ends, the rights and duties that existed under the contract also end.

Martin was unable to pay $2,000 she owed Farmer on April 10, the due date. Martin offered her a computer and several programs in full payment instead of cash, and Farmer accepted. Martin was discharged from her contract by

The parties to a contract may end the contract through agreement, but this method does not include

The statute that fixes a time limit within which a lawsuit must be filed is called the ____________________.

When one party makes a material change in the terms of the contract without the approval of the other party, the contract is discharged by

Under the common law, what are the three ways in which a contract can be discharged by impossibility?

To legally call off a contract means to rescind that contract.