When parties enter into a contract, they typically have a specific timeline in mind for the performance of the obligations outlined in the agreement. However, circumstances can often arise that make it difficult or impossible for one party to fulfill their contractual obligations within the agreed-upon timeframe. In these cases, it may be possible for the contract to be discharged by lapse of time.
Firstly, it is important to note that not all contracts can be discharged by lapse of time. Only contracts that contain a specific time frame for performance may be affected by the passage of time. For example, a contract to deliver goods by a certain date would be subject to discharge by lapse of time if the delivery is not made within the designated timeframe.
In order for a contract to be discharged by lapse of time, the passage of time must be significant enough to constitute a breach of contract. This can vary depending on the specific circumstances of the contract and the obligations outlined within it.
If a contract is discharged by lapse of time, it essentially becomes null and void. The parties are released from their obligations under the contract and are no longer bound by its terms. However, it is important to note that the discharge of a contract by lapse of time does not automatically release the parties from any liability that may have accrued prior to the discharge. For example, if one party incurred expenses or damages as a result of the other party`s failure to perform within the agreed-upon timeframe, they may still be entitled to seek compensation for these losses.
It is also worth noting that it is possible for a contract to be revived after being discharged by lapse of time. This typically requires the consent of both parties, as well as a willingness to renegotiate the terms of the contract to reflect the current circumstances.
In conclusion, while a contract may be dischargeable by lapse of time, it is important for parties to carefully consider the implications of allowing a contract to expire without fulfilling its terms. By doing so, they may be exposing themselves to potential liability or missed opportunities for future collaboration. As such, it is always advisable to seek legal advice before allowing a contract to be discharged by lapse of time.