Is performance the only method for discharging a contract?

The correct answer is that performance is not the only method for discharging a contract; there are indeed other methods available. While performance refers to the fulfillment of the obligations set forth in the contract, the law recognizes several other ways in which a contract can be discharged.

These methods include mutual agreement between the parties to rescind or modify the contract, impossibility of performance, where unforeseen circumstances make it impossible for one or both parties to fulfill their contractual obligations, and breach of contract, which occurs when one party fails to perform as specified, allowing the other party to terminate the contract and seek damages.

Additionally, contracts can be discharged by operation of law in certain circumstances, such as when a statute of limitations expires or when a contract becomes illegal due to changes in circumstances. Each of these methods provides flexibility and various remedies or options for the parties involved in a contract beyond just performance.