A contract may be discharged in the following ways:

1. Performance according to its terms.

2. A breach of such a nature as to justify the innocent party in treating the contract as rescinded or as giving rise to a right of action for breach of the entire contract.

3. Rescission of a voidable contract, at the will of one party, as for fraud, mistake, duress.

4. Release.

5. Rescission or renunciation by parol agreement.

6. Accord and satisfaction, including accounts stated and novation.

7. Cancellation and surrender.

8. Alteration.

9. Merger.

10. Impossibility.

To these may be added two defences which generally are held merely to bar the remedy on the contract,

11. Bankruptcy.

12. Statutes of Limitation.

A right of action upon a contract may be discharged in any of these ways except the second and the eleventh.