312. Right to terminate contract.

In building contracts a clear distinction usually needs to be made between:

  1.  

    (1)     the contractual rights and powers which derive from the occurrence of events which entitle one party to terminate the employment of the contractor under the contract1; and

  2.  

    (2)     the common law rights and powers which entitle the party to treat himself as released from his acceptance of a repudiatory breach of contract by the other party2.

The latter form part of the general law of contract and are not considered in detail here3. This part of this title is concerned with the former.

In practice the relevant event