What term describes the termination of a contract by various means including performance or operation of law?

The term "discharge" refers to the conclusion or termination of a contract, which can occur through various means such as performance, mutual agreement, or by operation of law. When a contract is discharged, it signifies that the obligations established within that contract are no longer enforceable, and the parties are released from their commitments.

Discharge can happen in several ways, including but not limited to fulfilling the contractual terms (performance), agreement by all parties to terminate the contract (mutual cancellation), or it being rendered void due to legal reasons (operation of law). Each of these methods leads to the cessation of contractual duties, making "discharge" the correct term to encapsulate this process.

Other options suggest related concepts but do not cover the full scope of contract termination. For example, "cancellation" often implies a unilateral decision, typically associated with revoking a contract before performance occurs. "Termination" is a broader term that might encompass some aspects of discharge but lacks the specificity regarding the means by which a contract can be concluded. "Settlement" usually refers to reaching an agreement to resolve differences or disputes, which does not necessarily equate to the termination of a contract itself. Thus, "discharge" is the most accurate and comprehensive term