termination and breaches of contracts

• performance - a contract ends by performance when both parties complete their side of the contract exactly as set out in the contract
• agreement - a contract ends by agreement when both parties mutually agree to end the contract even if the purpose of the contract has not been completed
• frustration - a contract ends when an unforeseen event arises that prevents the contract from being completed. eg. extreme weather conditions
• breach of contract - a contract ends when one aprty breaks their side of the contract. If
• remedies for breach of contract - compensation, rescind the contract and specific performace
• compensation - the judge order the party that caused the breach to pay compensation for any losses suffered by the innocent party due to the breach
• rescind the contract - the judge cancels the contract. This returns both parties to the position they were in before the breach occurred
• specific performance - a judge can order the party that breached the contract to complete their side of the deal