JAMB - Commerce (2024 - No. 34)
A contract in which all parties to the contract have carried out their obligation is said to be terminated by
performance
breach of contract
operation of the law
frustration
Explication
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 Once performance is achieved, the contract is considered to be fully executed and no longer in effect.