10.4 Contract Termination

Performance: Contract is completed by all parties.
Infeasibility: Performance is impossible (e.g., death of unique service provider).
Mutual agreement: Parties agree to cancel (novation if replaced by a new contract).
Cooling-period rescission: Statutory right to rescind within a certain time after signing.
Revocation: Cancellation by one party (may not relieve obligations if not justified).
Abandonment: Parties fail to perform obligations, allowing cancellation.
Lapse of time: Contract expires on its stated deadline.
Invalidity: Void contracts terminate automatically; voidable contracts can be cancelled.
Breach of contract: Failure to perform gives the damaged party the right to:
- Rescission (cancel and restore pre-contract condition)
- Forfeiture (loss of deposit or other interest)
- Suit for damages
- Suit for specific performance (court orders contract completion)

Topic 10.4 Check-In

Choose the best answer, then select Check Answers.

Which of these is NOT a valid reason for contract termination?

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