Question

Which of the following ways is NOT

Answer 1

Answer:

A. Change of mind

Explanation:

A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.

There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implies contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, executory contract, etc.

Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.

Generally, the three (3) legitimate reasons for which a contract may be terminated or discharged are;

I. Lapse of time.

II. Non-perfomance.

III. Breach of the contractual agreement.

However, a change of mind by either of the parties in a contract is not a legitimate way for terminating a contract because its duration or time period is yet to elapse.