Q.Explain discharge of a contract by lapse of time.

Contractual rights don't remain enforceable in court forever — the law sets an outer time limit for taking legal action.

The Limitation Act prescribes a specific period within which a party must bring a legal action to enforce a contractual right (e.g. a fixed number of years for recovering a debt). If that period lapses without the right being enforced through a court, or acknowledged in writing by the debtor within the period, the remedy of suing on the contract is barred — the creditor can no longer approach a court to recover the amount through that original cause of action. …

Assuming a time-barred debt disappears entirely and can never be recovered in any form — the legal remedy is barred, but a subsequent written promise to pay i …