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Possibility of performance: Breach, remedies and termination of contracts
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How does "acquisitive prescription" differ from "extinctive prescription" in contract law?
How does "acquisitive prescription" differ from "extinctive prescription" in contract law?
Acquisitive prescription involves gaining ownership rights through uninterrupted possession, while extinctive prescription refers to the lapse of a debt over time, resulting in its extinguishment.
Explain the concept of "set off" in contracts and provide an example.
Explain the concept of "set off" in contracts and provide an example.
Set off involves balancing debts between parties. For example, if Party A owes $100 to Party B and Party B owes $80 to Party A, the net debt is $20 to Party A.
What is meant by "extinctive prescription," and how does it affect different types of debt?
What is meant by "extinctive prescription," and how does it affect different types of debt?
Extinctive prescription is the lapse of a debt over time, leading to its extinguishment. It affects various types of debt differently, depending on the prescribed timeframe for each debt type.
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