Fill in the blanks: A contract is considered to be discharged by ___ when both parties fulfill their promises.

Performance

Explain the concept of 'mutual agreement' in the context of contract discharge.

Mutual agreement occurs when both parties consent to terminate the existing contract and often create a new agreement that replaces the old terms.

True or False: An attempted performance can lead to the complete discharge of a contract.

True. If a promisor offers to perform their obligation and the promisee refuses, the promisor may be discharged from further liability.

Fill in the blank: A contract can be discharged by ___ if one party fails to perform their obligations.

Breach

Define 'rescission' in contract law.

Rescission is the cancellation of a contract, allowing the defrauded party to void the agreement due to fraudulent circumstances during its formation.

Short Answer: What is required for a contract to be considered valid?

For a contract to be valid, there must be free consent of the parties, competency to contract, lawful object, and consideration.

True or False: A minor can enter into any contract and it will be enforceable.

False. Contracts with minors are generally void and cannot be ratified until they reach the age of majority.

Explain how 'waiver' functions as a method of discharging a contract.

Waiver discharges a contract.

• One party gives up a right.

• Releases obligations of others.

• Effectively ends the contract.