Performance of contract-8


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Performance of contract-8

  1. 1. Performance of contract
  2. 2. Requisites of a valid tender It must be unconditional. It must be of the whole quantity. It must be by a person in a position. It must be made at the proper time and place. It must be made to the proper person. It may be made to one of the several joint promisees It must give a reasonable opportunity to the promisee for inspection of the goods. The debtor must make a valid tender in legal tender money.
  3. 3. Effects of refusal of a party to perform promise whollyContracts which need not be performed: When its performance becomes impossible. When the parties to it agree to substitute a new contract for it or to rescind or alter it. When the promisee dispenses with or remits, wholly or in part. When the person at whose option it is voidable, rescinds it. When the promisee neglects or refuses to afford .
  4. 4. By whom must contracts be performed?1. Promisor himself.2. Agent3. Legal representatives.4. Third person.5. Joint promisors.
  5. 5. Devolution of joint liabilities Any of the joint promisors may be compelled to perform. A joint promisor compelled to perform may claim contribution. Sharing of loss arising from default. Release of a joint promisor.
  6. 6. Devolution of joint rights
  7. 7. Who can demand performance?
  8. 8. Time and place of performance Where no application is to be made and no time is specified. Where time is specified and no application is to be made. Application for a performance on a certain day and place. Application by the promisor to promisee to appoint place. Performance in manner or at time prescribed or sanctioned by the promisee.
  9. 9. Reciprocal promises Mutual & independent Conditional & dependent Mutual & concurrent
  10. 10. Rules regarding performance of reciprocal promises Simultaneous performance Order of performance Effect of one party preventing another Effect of default as to promise to be performed first To do things legal and other things illegal
  11. 11. Time as the essence of the contract When time is of the essence. When time is not of the essence.
  12. 12. Subsequent notice
  13. 13. Appropriation of payments Where the debtor intimates. Where the debtor does not intimates & the circumstances are not indicated. Where the debtor does not intimate & creditor falls to appropriate.
  14. 14. Assignment of contracts1. Act of the parties  Assignment of contractual obligations.  Contractual obligations involving personal skills & ability cannot be assigned.  A promisor cannot assign his liabilities or obligation under a contract.  Assignment of contractual rights. • The rights & the benefits under the contract not involving personal skills may be assigned. • An actionable claim can always be assigned.2. Operation of law  Death  Insolvency