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A contract in which all parties to the contract have carried out their obligation is...

Commerce
JAMB 2024

A contract in which all parties to the contract have carried out their obligation is said to be terminated by

  • A. performance
  • B. breach of contract
  • C. operation of the law
  • D. frustration
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Correct Answer: Option A
Explanation

When all parties to a contract have fulfilled their obligations as stated in the contract, the contract is considered to be terminated by performance. Performance refers to the complete and satisfactory fulfillment of the terms, conditions, an obligations outlined in the contract by all parties involved. Once performance is achieved, the contract is considered to be fully executed and no longer in effect.


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