Seller X entered into a written agreement with Broker Y to find a suitable buyer, which Broker Y did. Seller X then gives Broker Y the agreed upon commission. The contract that these 2 entered can now be said to be:
The answer is C – The contract is discharged because its terms have been fulfilled. Note that a contract can also be discharged by rescission.
Contracts may be discharged by: 1. Payment. 2. Accord and satisfaction. 3. Release. 4. Set off. 5. The rescission of the contracts. 6. Extinguishment. 7. Confusion, where the duty to pay and the right to receive unite in the same person. 8. Extinction, or the loss of the subject matter of the contract. 9. Defeasance. 10. The inability of one of the parties to fulfill his part. 11. The death of the contractor, as where he undertook to teach an apprentice. 12. Bankruptcy. 13. By the act of limitations. 14. By lapse of time. 15. By neglecting to give notice to the, person charged. 16. By releasing one of two partners. 17. By neglecting to sue the principal at the request of the surety, the latter is discharged. 18. By the discharge of a defendant, who has been arrested under a capias ad satisfaciendum. 19. By a certificate and discharge under the bankrupt laws.