●    Contracts can be discharged in numerous ways—through performance, agreement, frustration, or breach.

●    In the event of frustration, the parties can establish their own remedies or they can rely on the provisions developed through the Law Reform (Frustrated Contracts) Act 1943.

●    Remedies have been established through the common law and equity.

●    Damages are the primary remedy in most cases, but equitable remedies include specific performance, injunctions, and rectification.

●    The innocent party must proactively (albeit reasonably) attempt to mitigate their losses following a breach of contract.

●    The courts will usually identify the award of damages following a breach. However, the parties may agree such awards in advance (called liquidated damages) insofar as they are not a penalty clause.