What is impossibility of contract performance?
If one party can prove that it is impossible for a contract to be completed, it will be discharged. Contracts will be considered impossible if (1) the person performing the contract dies prior to the performance of the agreement but after making the contract; or (2) the subject matter in the agreement is destroyed prior to the performance of the contract but after agreeing on the contract.
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What happens if either party breaches a contract?
In certain circumstances, contracts will be breached if one party fails to perform the terms of the agreement within the contract. If the terms of the agreement have been breached, the guilty party can be subject to potential punishments such as compensatory damages and discharge from the original contract. In a breach of contract, the […]