This document summarizes key concepts related to the discharge and breach of contracts, as well as remedies available when contracts are breached. It discusses how contracts can be discharged through performance, mutual agreement, breach, impossibility of performance or operation of law. It defines different types of breaches including material breach, minor breach, anticipatory breach and actual breach. The document also outlines various remedies available to injured parties, including rescission of contract, damages (compensatory, general, special, exemplary, nominal, contemptuous), quantum meruit, suit for specific performance, and suit for injunction. It provides examples for many of these concepts.
Discharge of Contract "PART 1" (Chapter 12) - Business LawSandeep Sharma
PPT on "Discharge of Contract" for BBA & B.Com 1st year students, CA, CPT, CS & CMA Foundation.
Business Law PPT by Sandeep Sharma.
(Meaning with suitable example & explanation)
This presentation is one of my assignment in Business Law Class in Sampoerna University. This presentation is about Termination of Contract.
Slide: PowerPoint 2013
Design by: Hedi Fauzi
Image: Google Image
If you want the original file for your reference, feel free to ask me via email: hedi.fauzi@hotmail.com with subject [SlideShare] (Your Subject)
This is a presentation on the terms of a contract. It covers the general concepts of terms of a contract. It is ideal for beginner to intermediate level Contract Law students
recently there ismeaure amendments in the Specific Relief Act and the public infrastruture projects are given preference as due to injunctions there was delay in public projects causing huge loss the public exchequer.
Breach of contract - Legal Environment of Business - Business Law - Manu Melw...manumelwin
Parties to a lawful contract are bound to perform their respective obligations. But when one of the parties of a contract fails to perform his part of contract, he is said to have committed breach of contract.
Specific performance of contract is subject matter of Specific relief Act 1963. These slides are summarized presentation to enable the students to understand the concept of specific relief
Contracts are a part of our everyday life, arising in collaboration, trust, promise and credit.
How are contracts formed? What makes a contract enforceable? What happens when one party breaks a promise?
Discharge of Contract "PART 1" (Chapter 12) - Business LawSandeep Sharma
PPT on "Discharge of Contract" for BBA & B.Com 1st year students, CA, CPT, CS & CMA Foundation.
Business Law PPT by Sandeep Sharma.
(Meaning with suitable example & explanation)
This presentation is one of my assignment in Business Law Class in Sampoerna University. This presentation is about Termination of Contract.
Slide: PowerPoint 2013
Design by: Hedi Fauzi
Image: Google Image
If you want the original file for your reference, feel free to ask me via email: hedi.fauzi@hotmail.com with subject [SlideShare] (Your Subject)
This is a presentation on the terms of a contract. It covers the general concepts of terms of a contract. It is ideal for beginner to intermediate level Contract Law students
recently there ismeaure amendments in the Specific Relief Act and the public infrastruture projects are given preference as due to injunctions there was delay in public projects causing huge loss the public exchequer.
Breach of contract - Legal Environment of Business - Business Law - Manu Melw...manumelwin
Parties to a lawful contract are bound to perform their respective obligations. But when one of the parties of a contract fails to perform his part of contract, he is said to have committed breach of contract.
Specific performance of contract is subject matter of Specific relief Act 1963. These slides are summarized presentation to enable the students to understand the concept of specific relief
Contracts are a part of our everyday life, arising in collaboration, trust, promise and credit.
How are contracts formed? What makes a contract enforceable? What happens when one party breaks a promise?
What Can You Claim for Breach of A Construction Contract?Sarah Fox
A summary of the law setting out the damages you can claim in the event that someone breaches their contract with you.
The note was developed by Sarah Fox, author of the 500-Word Contract. The tips and techniques from her 500-Word series of talks, workshops and contract coaching will help you create simple, ethical contracts you can read, use and understand.
Contact her by email sarah@500words.co.uk or for more information, visit her website www.500words.co.uk
This is a presentation which was given by a faculty of FOSTIIMA BUSINESS SCHOOL,NEW DELHI. Which has been established 7 IIM-A alumnis and chairman is MR.Jerry Rao, Ex head of Citi Bank..
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
Introducing New Government Regulation on Toll Road.pdfAHRP Law Firm
For nearly two decades, Government Regulation Number 15 of 2005 on Toll Roads ("GR No. 15/2005") has served as the cornerstone of toll road legislation. However, with the emergence of various new developments and legal requirements, the Government has enacted Government Regulation Number 23 of 2024 on Toll Roads to replace GR No. 15/2005. This new regulation introduces several provisions impacting toll business entities and toll road users. Find out more out insights about this topic in our Legal Brief publication.
ASHWINI KUMAR UPADHYAY v/s Union of India.pptxshweeta209
transfer of the P.I.L filed by lawyer Ashwini Kumar Upadhyay in Delhi High Court to Supreme Court.
on the issue of UNIFORM MARRIAGE AGE of men and women.
DNA Testing in Civil and Criminal Matters.pptxpatrons legal
Get insights into DNA testing and its application in civil and criminal matters. Find out how it contributes to fair and accurate legal proceedings. For more information: https://www.patronslegal.com/criminal-litigation.html
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
Visit Now: https://www.tumblr.com/trademark-quick/751620857551634432/ensure-legal-protection-file-your-trademark-with?source=share
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
PRECEDENT AS A SOURCE OF LAW (SAIF JAVED).pptxOmGod1
Precedent, or stare decisis, is a cornerstone of common law systems where past judicial decisions guide future cases, ensuring consistency and predictability in the legal system. Binding precedents from higher courts must be followed by lower courts, while persuasive precedents may influence but are not obligatory. This principle promotes fairness and efficiency, allowing for the evolution of the law as higher courts can overrule outdated decisions. Despite criticisms of rigidity and complexity, precedent ensures similar cases are treated alike, balancing stability with flexibility in judicial decision-making.
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
1. FACULTY : PROFESSOR DEVENDRA KUMAR
P R E S E N T E D B Y :
R O L L N O .
68
72
67
74
71
NA M E
RAGINI RICHA
GOPI RAMAN PODDAR
PRASHANT
ARCHANA
SAURAVKUMAR CHANDAN
and
2. Discharge Of Contract And Ways To Do It.
Breach Of Contract And Its Types.
Entitlement For Remedies And It’s Types.
Rescission Of Contract How And When Granted
Or Refused.
Damages, Principle Of Damages And It’s Kinds.
Quantum Meruit
Suit For Specific Performance
Specific Performance Not Granted Where
Suit For Injunction
3. Discharge of contract
When obligations created by a contract comes to an end, contract
said to be discharged or terminated.
4. Discharge of contract
A contract may be discharged in any of the following ways:
oBy performance
oBy mutual agreement
oBy breach of contract
oBy impossibility of performance
oBy operation of law
5. What Is Breach Of Contract ?
Contracts are made for being performed.
But there are certain circumstances when
one of the parties does not perform his part
of the contract. Non-performance is called
“Breach”. Literal meaning of breach is an
act of breaking or failing to observe a law,
agreement, or code of conduct.
6. Types of breaches:
Following are the types of Breaches:
1. Material breach
2. Minor breach
3. Anticipatory breach
4. Actual breach
7. MATERIAL BREACH:
The first, and most sever type of
breach, is called “Material Breach.”
Generally a material breach of
contract involves one of the key
elements of the contract not being
provided or undertaken as agreed.
EXAMPLE: If, for instance, you were to purchase a
computer package online and only receive a monitor upon
delivery, your contract with the provider would be
materially breached.
8. M I N O R B R E A C H :
It’s important to be clear that not all breaches of a
contract will be material and hence immediately end
the wronged party’s obligations. In this case there
would have been a remedy to the breach of contract.
EXAMPLE: For instance, be if the computer company
delivered the equipment but a couple of pages were missing
from the user manual. This would not lead to an immediate
cancellation of the contract.
9. ANTICIPATORY BREACH:
An anticipatory breach occurs when a party
demonstrates his intention to breach of contract.
EXAMPLE: Ajay agrees to sell his antique sewing machine to
Aman, and the two agree on the purchase price of $1,000, the
sale to occur on May 1st. On April 25th, Aman tells Ajay that
he cannot come up with the money on time.
Following this communication, Ajay can reasonably
assume that Aman is in anticipatory breach. This enables
Aman to sell the sewing machine to someone else, or
potentially file a lawsuit against Aman for breach of contract.
10. ACTUAL BREACH:
This is of course the most common way that a party will breach
a contract. It occurs when the time arrives for a party to perform
their side of an agreement and they don’t perform.
Example: “Ali” agrees to deliver 10 kg of rice to “Hassan” on
30th November. Ali fails to deliver the rice to Hassan on
agreed time. This is actual breach of contract by Ali.
11. ENTITLEMENT OF REMEDIES:
Where a contract is broken the
injured party becomes entitled
to one or more following
remedies:
13. Rescission of contract:
When a contract is broken by one party, the other
party may treat the contract as rescinded and
refuse to perform his part of the contract.
EXAMPLE: Aman promises Vijay to supply 100
bags of rice on a certain day and Vijay promises to
pay the price on receipt of goods. A does not deliver
the goods on the appointed day. Vijay is discharged
from liability to pay the price.
14. How rescission can be performed?
Recession can be performed by:
i. Agreement
ii. Wrong or default of adverse party
iii. Inadequate consideration
iv. Time
15. When recession be granted:
The court may grant rescission where:
oThe contract is voidable by plaintiff.
oThe contract is lawful and the
defendant is to be blamed more
than the plaintiff.
16. When rescission be refused:
The
contract
may
refuse to
grant
recession
where:
• One party has substantially fulfilled their part of the contract
• A third party has already received some benefit from the contract
• The requesting party has committed some wrong relating to the contract (referred to as
“unclean hands”)
• The requesting party has unnecessarily delayed the request for rescission, resulting in
some prejudice to the other party
• The requesting party has already asked for money damages. A contract rescission cannot
be obtained after requesting a monetary award.
17. Damages:
1. Damages means the money
compensation allowed to an injured
party for the loss or injury suffered
by him by the breach of contract.
2. The objects or awarding damages is
not punishment but compensation.
21. Quantum meruit:
– Quantum meruit is a Latin term, which
means “ as much as earned” & “as
much as deserved”. A right to sue
on a quantum meruit arises where a
contract, partly performed by one party,
has become discharged by the breach of
the other party. The right to payment is
based on an implied promise by the other
party to pay for what has been done. It
does not arise out of the original contract.
22. Suit for specific person:
Wheredamagesare notadequateremedy, thecourt
maydirect in breachto carryout his promise
accordingto the termsof the contract.
• Example: Ajay, agreed to sale his house to Barun.
Afterwards Ajay, refuses to sale. At the suit of Barun,
court shall ask Ajay, to carry out the contract.
23. Specific performance shall not be granted where:
Monetary compensation
is adequate remedy.
Contract is of personal
nature.
Court cannot supervise
the performance.
Contract is inequitable to
either party.
Contract by nature is
revocable/reversible.
Contract is made by
trustees in breach of
trust.
Contract made by
company is “ultra
vires”/beyond one's
legal power or authority.
24. Suit for injunction:
• EXAMPLE: If, you own a website and
another firm is continually copying
the material on your site in violation
of copyright notices and contractual
provisions, then a court can award
money damages and issue an
injunction to prevent that conduct
from recurring.
Injunction is
an order of
court
restraining a
person from
doing a
particular act.
It is a mode of
securing the
specific
performance
of a negative
term of a
contract.