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Discuss About Prescription, Remedies for Breach of Contract

In: Other Topics

Submitted By Mjtinashe
Words 900
Pages 4
The Prescriptions for debt.
Debts prescribe (expire) after a certain period of time if they are not yet asked for by the owner.The debtor then after this period of time has much leverage to deny paying back the debt he or she owes without any lawsuit being brought against him or her. For every sort of debt, the law fixes a definite period after the lapse of which the debt can no longer be legally enforced and when this period has expired the debt is said to be no longer legally enforceable. The period of prescription is calculated from the day on which the debt becomes due. The following are the prescription periods for various kinds of debts
Debt Period of prescription
Judgement debt/mortgage bond 30 years
Debt owed to the state 15 years
Bills of exchange 6 years
Debts arising from contracts (ordinary debts) 3 years.
The Remedies for breach of contract.
Breach occurs when a party fails to observe one or more sections of the agreed contract. An agreement is meant to be adhered to, so a breach or failer to observe the terms and conditions as well as the instructions thereof calls for certain measure to counter such unethical moves in the world of contracts and agreements. The innocent party will therefore be entitled to remedies for breach of contract. A breach by one party of his contractual obligations does not automatically discharge of the contract even though the contract states that it will do so because the party in breach cannot be permitted to profit from his own wrong by bringing the contract to an end if the innocent party wishes it to continue. A contract may be breached by Anticipatory breach(Madhuku, 2010). It can also be breached by positive malperfomance,

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