A contract is a legally enforceable agreement that two parties enter and agree to meet certain obligations. For a contract to exist, the following elements must be present:
- Mutuality of Obligation.
- Competency and Capacity
Once the two parties agree on these and other terms, the contract becomes legally binding. Failure of either party to perform their obligations results in a breach of the contract which can lead to damages.
In some cases, there arises a need to terminate the contract before both parties have fulfilled all their obligations.
We have come up with a detailed guide outlining these scenarios and circumstances and how to go about each one of them. We also discuss when terminating a contract may lead to liability for breach of contact.
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