The following Commercial practice note provides comprehensive and up to date legal information covering:
This Practice Note provides an overview of contract expiry and of the different causes of termination and ways to discharge a contract, including their practical and legal consequences. It considers expiry, contractual rights to terminate (including common termination events), termination for breach of contract (including repudiatory breach), rescission, void contracts, discharge by agreement, frustration, force majeure, illegality, insolvency, discharge by other subsequent events (such as merger, alteration or death), and issues to consider in the context of terminating business-to-consumer contracts.
A contractual promise may be discharged either in accordance with the agreement (for example, by performing the agreement or on the occurrence of a stipulated event such as the expiry of a fixed term) or against the agreement (for example, termination for breach of contract or rescission for misrepresentation).
This Practice Note provides a brief overview of the different ways in which a contract may be brought to an end. The specific Practice Notes referenced in each section should be consulted for more detail.
There are several ways in which a contract may be brought to an end, including:
due performance—where the parties have completed their contractual obligations and are therefore discharged from further performance; the contract will automatically terminate, unless the parties agree to renew the obligations
effluxion of time—where a contract has been put in place for a specific period of time; the
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This Practice Note considers proprietary estoppel from a generic standpoint.For industry specific guidance on proprietary estoppel, see Practice Notes:•Estoppel and property law•Mortgages by estoppelProprietary estoppel—what is it?Unlike the other forms of estoppel (see Practice Note: Estoppel—what,
What is recklessness?In respect of some statutory offences and common law crimes the prosecution are required to prove a mental element of recklessness on the part of the defendant.Recklessness means unjustified risk taking on the part of the accused.Prior to the House of Lords decision in Re G
Produced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note summarises the rules and guidance in relation to parties who are, or may be presumed to be, acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular the
Deceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they knew that the
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