What are the three common ways a contract can be discharged?

The three common ways a contract can be discharged include performance, frustration, and breach.

Performance refers to the completion of the contractual obligations by the parties involved. Once all parties fulfill their duties as agreed upon, the contract is considered discharged. This is the most straightforward method of discharging a contract, as it signifies mutual satisfaction of the terms laid out in the agreement.

Frustration occurs when an unforeseen event makes it impossible for one or both parties to fulfill their contractual obligations. This could arise from changes in law, natural disasters, or other extraordinary events that were not anticipated by either party at the time of the contract's formation.

Breach involves one party failing to perform their obligations under the contract, either partially or wholly. When a breach occurs, the non-breaching party may have the right to terminate the contract and seek remedies such as damages or specific performance, depending on the nature of the breach.

The other options presented do not accurately reflect the common methods of discharging a contract as recognized in contract law.