ABSTRACT
This chapter sets out the rules relating to contract termination and breach of contract. It then describes the remedies that the injured party has available when a breach has occurred. Many contracts are terminated by bilateral agreement. A contract may be terminated for convenience on an agreed basis when only part-completed, or at the end of the contract purchaser and contractor will sit down together and agree a full and final settlement in which the final payment is agreed, depending upon the various claims and shortcomings of the parties. By far the largest number of contracts end by being performed. The strict common law rule was that only total performance of the whole contract counted as performance. Very occasionally contracts come to an end through being frustrated. Breach of contract is a failure by a party to a contract to carry out any obligation under the contract without a lawful reason/excuse.
