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Business Law Essay Topic: Contract Law ± Performance and Termination This essay is discussing about how to terminate a contract in Australia and how effective of the enforcement of the law to the real incidents by comp aring with Indian contract act. In Australia,all contracts will eventually come to an end. However, the termination might occur when the parties are discharge from the obligations that they agreed in the contract. There are some ways will impact on the termination such as : perfor
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  Business Law Essay Topic: Contract Law ± Performance and TerminationThis essay is discussing about how to terminate a contract in Australia and howeffective of the enforcement of the law to the real incidents by comp aring with Indiancontract act.In Australia,all contracts will eventually come to an end. However, the terminationmight occur when the parties are discharge from the obligations that they agreed inthe contract. There are some ways will impact on the termination such as:performance of the parties, agreement between parties, pursuant to the term in thecontract, frustration, operation of law, assignment of contractual obligations andbenefits , non-performance, the election to discharge or affirm, the election todischarge the contract , the election to affirm the contract.Firstly, performance of the parties within the contract is considered in 2 ways, whichare actual performance and attempted performance. In the actual performance, itcontains many factors thatallow a contract to be terminated: Is the payment paid ontime as in the contract? Is there any act performed like what the promisor promisedto do? Depends on the situations, the compensation will be paid for the party whoperformed better. Besides that, a failure in attempted performance is also one of reasons causing a termination of a contract. The rejection of creditor may not erasethe debt but will release debtor from the duty of looking for the creditor to pay .What if there is an agreement between the parties about terminating the contract, willthe contract be discharged? The answer is ³What has been created by agreementcan be terminated by agreement´. However, the decision could be too hasty so thelaw also gives the parties a chance for consideration. It means each party has toprove sufficient consideration to end up with the decision. There is also possibilitiesmight happen when the parties want to release the contract which are substitution or variation contract. The parties feel do not like to keep going with the srcinal contractso the contract is renew. Besides that, there is also µwaiver¶ situation when one of theparties completed all obligations under the contract and feel like want to releaseother party from contracted obligation. Contract is also terminated because of a termin the contract.  U nder Australian common law, a contract can be voided without agreement of theparties because of a material alteration of written document. A merger of a simplecontract to a formal contract is also counted as a termination.The contract could be destroyed by an act of God, which is natural or human forcebeyond the control of the parties. Or we call this frustration. According to thedefinition of frustration, when an unexpected event happens after the contract hasbeen formed that changes the way it can be performed. As in the case law Taylor vCaldwell (1863), Fr  ust r  ation Development of the doctrine (chngha)Definition of µfrustration¶The basis of the doctrineExamples of frustrationThe effect of frustration (depends on states) <- see text book page 393 Assignment of cont r  actual obligations and benefits Assignment of obligation by the partiesAssignment of benefits by the partiesAssignment by operation of law Non-pe r  fo r  manceThe election to discha r  ge o r  affi r  m DischargeRepudiation: Express or implied  The election to discha r  ge the cont r  act The common law election to dischargeThe contractual or statutory right to dischargeThe risk of unjustified dischargeThe interpretation of contractual default clausesRestrictions on the right to dischargeThe contract after discharge The election to affi r  m the cont r  act The consequences of an election to affirmAustralianPerformanceIn Australian contract law, when a contractor wants to stop the contract, there arealways a numbers of ways, most often through performance.A contract may be discharged in a number of ways; most commonly throughperformance, by the parties, of their contractual obligations. As a general rule, for acontract to be discharged by performance the contractual obligations must beperformed completely and exactly; it is not sufficient to 'substantially' perform acontract. There are, however, some exceptions to the rule that exact performance isrequired. The parties may also modify this requirement - by expressly or implicitlyproviding that exact performance is not required. Determining the relevant level of performance will, therefore, depend on proper construction of the contract involvedAgreementParties are free to terminate their contract by agreement. This might take the form of a termination provision in the contract itself or through a new and separate contract.Breach  FrustrationIndian contract act 1872 about termination is quite biased about the performance.Wondering is there any termination law in an Indian contract or the court or t heparties¶ base on the performance to judge.The revocation of proposal is seemed to be quite positive about terminating acontract. 1.   By performance S.31 to 67.  2 .   By impossibility of performance S.56.-- Frustration  3 .   By Agreement S.62 to 67.  4 .   By breach.   S.31 Defines Contingent contract- A contract is a contract to do or not to do something,if some event, collateral to such contract, does or does not happen.   Read more:http://www . articlesbase . com/law-articles/mode-of-discharge-of-contract-under-indian-contract-act-3367836 . html#ixzz 1Fv coWTLN Under Creati v e Commons License:Attribution  AgreementReferences:http://netk.net.au/Contract/06Termination.asp http://www.corecentre.co.in/Database/Docs/DocFiles/indian_contract.pdf  http://www.australiancontractlaw.com/law/termination.html http://www.xomba.com/discharge_contract_indian_contract_act 
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