Discharge of contract means termination of the contractual relationship between the parties. A contract is said to be discharged when the parties thereto are freed from the task of performing their respective obligations as arising from the contract.
Types of contract - Legal Environment of Business - Business Law - Manu Melwi...manumelwin
Valid Contract – An agreement enforced by law is a valid contract. An agreement becomes a valid contract when it fulfills all the essentials of a contract as laid down in section 10.
A contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement. Contract is a branch of the law of obligations in jurisdictions of the civil law tradition. Contract law concerns the rights and duties that arise from agreements.
A contract arises when the parties agree that there is an agreement. Formation of a contract generally requires an offer, acceptance, consideration, and a mutual intent to be bound. Each party to a contract must have capacity to enter the agreement. Minors, intoxicated persons, and those under a mental affliction may have insufficient capacity to enter a contract. Some types of contracts may require formalities, such as a memorialization in writing.
Contracts may be bilateral or unilateral. A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other. For example, in a contract for the sale of a home, the buyer promises to pay the seller $200,000 in exchange for the seller's promise to deliver title to the property. These common contracts take place in the daily flow of commerce transactions, and in cases with sophisticated or expensive precedent requirements, which are requirements that must be met for the contract to be fulfilled.
there are six different types of contract,they are :
1.Valid Contract
2.Voidable Contract
3.Void Contract
4.Unenforceable Contract
5.Illegal Contract
6.Contingent Contract
Types of contract - Legal Environment of Business - Business Law - Manu Melwi...manumelwin
Valid Contract – An agreement enforced by law is a valid contract. An agreement becomes a valid contract when it fulfills all the essentials of a contract as laid down in section 10.
A contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement. Contract is a branch of the law of obligations in jurisdictions of the civil law tradition. Contract law concerns the rights and duties that arise from agreements.
A contract arises when the parties agree that there is an agreement. Formation of a contract generally requires an offer, acceptance, consideration, and a mutual intent to be bound. Each party to a contract must have capacity to enter the agreement. Minors, intoxicated persons, and those under a mental affliction may have insufficient capacity to enter a contract. Some types of contracts may require formalities, such as a memorialization in writing.
Contracts may be bilateral or unilateral. A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other. For example, in a contract for the sale of a home, the buyer promises to pay the seller $200,000 in exchange for the seller's promise to deliver title to the property. These common contracts take place in the daily flow of commerce transactions, and in cases with sophisticated or expensive precedent requirements, which are requirements that must be met for the contract to be fulfilled.
there are six different types of contract,they are :
1.Valid Contract
2.Voidable Contract
3.Void Contract
4.Unenforceable Contract
5.Illegal Contract
6.Contingent Contract
In this presentation, we will talk about discharge of contracts according to their performance, validifying a tender, persons responsible to perform the contracts, performance time, appropriation of payments and various other discharge clauses for contracts and agreements.
We will also talk about breach of contracts and remedies, measures of damages of breach of contract, various damages, penalities.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit: http://www.welingkaronline.org/distance-learning/online-mba.html
Research on typical discharge mode of power transformer (www.himalayal.com)Fang Sam
Abstract: Five kinds of oil-paper insulation models are designed and produced to simulate typical defects of power transformer. Plenty of discharge spectrogram and discharge impulse waveform are obtained by using digital PD measuring system. PD features of different defects are analyzed, which will be helpful for further research on PD pattern recognition and insulation aging of power transformer.
Key words: Transformer, partial discharge(PD), oil-paper insulation, discharge model (www.himalayal.com)
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.
Each year, Mary Meeker unveils her fascinating Internet Trends presentation. And each year, her insights are inestimable and eagerly awaited.
But each year, I have a problem with her slides. As a presentation designer, I find them rough and busy. To the point it makes them hard to understand.
So this year, here’s my humble attempt at redesigning them !
With SlideShare's new mobile app for Android, discover and view presentations on topics ranging from technology and business to design and entertainment. Share your favorite presentations, or save professional content to read offline or later.
Download the SlideShare App: https://play.google.com/store/apps/details?id=net.slideshare.mobile
Contract Laws: Indian Contract Act 1872: Definition of contract, essentials of a valid contract, classification of contracts, remedies of beach of contract
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)
Volkswagen Hidden Advert - Gamification in Recruitment - Dr. Manu Melwin Joymanumelwin
For more interesting case studies and updates about Gamification, visit my website
https://www.youtube.com/channel/UCm_r2ZYJJBwGJ2rAaRNTNBA/videos
Volkswagen was in need of skilled mechanics. So clearly, they should just jumped on the web and started advertising for open positions, right? Wrong. The best candidates may already be working somewhere else. Volkswagen chose a no less unusual place for their vacancy ads.
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The Swedish Armed Forces are recruiting. They need young men and women for an occupation that in many ways is about giving up your own safety in order to help others. They wanted to activate the target group while simultaneously raising the question. Would people sacrifice their own freedom for someone they have no relation to? Are people prepared to show that they care in ways that don’t include sharing something on Facebook or tweeting a specific hash-tag?
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For more interesting case studies and updates about Gamification, visit my website
https://www.youtube.com/channel/UCm_r2ZYJJBwGJ2rAaRNTNBA/videos
In an attempt to recruit a large number of workers for their new megastore in Australia, IKEA amusingly decided to include what they called ‘Career Instructions’ into each of their flat packs. Based on their traditional furniture instructions, all customers took home the witty application forms without realising. The clever initiative not only minimised the costs on advertising, but it also ensured IKEA fans were targeted.
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For more interesting case studies and updates about Gamification, visit my website
https://www.youtube.com/channel/UCm_r2ZYJJBwGJ2rAaRNTNBA/videos
One great historical example of gamification is the Daily Telegraph’s crossword, which British Intelligence agents created along with Alan Turing, to help them recruit new code breakers from the public.
Yates’ algorithm for 2n factorial experiment - Dr. Manu Melwin Joy - School o...manumelwin
In statistics, a Yates analysis is an approach to analyzing data obtained from a designed experiment, where a factorial design has been used. This algorithm was named after the English statistician Frank Yates and is called Yates' algorithm.
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Ducan’s multiple range test - - Dr. Manu Melwin Joy - School of Management St...manumelwin
In 1955, Duncan devised a method to compare each treatment mean with every other treatment mean. The procedure is simple and powerful and has become very popular among researchers, especially in the plant science area.
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ANOVA - Dr. Manu Melwin Joy - School of Management Studies, Cochin University...manumelwin
Analysis of Variance technique is used to test whether the mean of several samples differ significantly. An agronomist may like to know whether yield per acre will be the same if four different varieties of wheat are sown in different identical plots. A diary farm may like to test whether there is significant difference between the quality and quantity of milk obtained from different classes of cattle. A business manager may like to find out whether there is any difference in the average sales by four salesmen.
Design of experiments - Dr. Manu Melwin Joy - School of Management Studies, C...manumelwin
Planning an experiment to obtain appropriate data and drawing inference out of the data with respect to any problem under investigation is known as design and analysis of experiments.
This might range anywhere from the formulations of the objectives of the experiment in clear terms to the final stage of the drafting reports incorporating the important findings of the enquiry
How information system is transforming business - - Dr. Manu Melwin Joy - Sch...manumelwin
In 2010, American businesses will spend over $562 billion on information systems hardware, software, and telecommunications equipment. In addition, they will spend another $800 billion on business and management consulting and services—much of which involves redesigning firms’ business operations to take advantage of these new technologies.
Internet revolution - Dr. Manu Melwin Joy - School of Management Studies, Coc...manumelwin
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Smart phone revolution - Dr. Manu Melwin Joy - School of Management Studies, ...manumelwin
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PESTEL Analysis - Manu Melwin Joy - School of Management Studies, Cochin Univ...manumelwin
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2. Prepared By
Manu Melwin Joy
Assistant Professor
Ilahia School of Management Studies
Kerala, India.
Phone – 9744551114
Mail – manu_melwinjoy@yahoo.com
Kindly restrict the use of slides for personal purpose.
Please seek permission to reproduce the same in public forms and presentations.
3. Definition
Discharge of contract means
termination of the
contractual relationship
between the parties. A
contract is said to be
discharged when the parties
thereto are freed from the
task of performing their
respective obligations as
arising from the contract.
4. Definition
When a contract is
discharged, all the rights
and liabilities of the
contracting parties are
extinguished and their
relationship comes to an
end.
5. Various modes of discharge
1. By performance of contract.
– Actual Performance.
– Attempted performance.
2. By agreement.
– By Novation.
– By alteration.
– By recession.
– By remission.
– By waver.
– By merger.
6. Various modes of discharge
3. By lapse of time.
4. By operation of law.
– By death.
– By insolvency.
5. By impossibility of performance.
– At the time of contract.
– Subsequent to contract.
6. By breach of contract.
7. By performance of contract
When persons who
have undertaken the
obligations perform it
within the time and in
the manner prescribed,
the contract will be
properly discharged.
8. By performance of contract
Performance is classified into
two.
• Actual performance – Section
37 states that in order to claim
performance, the parties to a
contract must have actually
performed their part of the
contract.
• Example – If A agreed to supply
20 bags of rice to D, A must have
actually supplied the entire 20
bags of rice. Then only it can be
stated that the contract has
actually been performed.
9. By performance of contract
Performance is classified
into two.
• Attempted performance – A
person who is bound to
perform a promise will be
ready to perform his
promise but sometimes the
other party refuses to
accept that performance.
This is known as attempted
performance or tender.
10. By agreement
As contract emerges
from an agreement of
both parties, it may
also be terminated by
another agreement or
consent of both
parties.
11. By agreement
Contract may be
discharged by agreement
in the following ways.
– By Novation.
– By alteration.
– By recession.
– By remission.
– By waver.
– By merger.
12. By agreement
By Novation (substitution
of a new contract) –
Sometimes, the contracting
parties may agree to
substitute a new contract in
the place of the original
contract between
themselves and different
parties. The substitution of
new contract is called
“Novation”.
13. Example
A owes Rs 5000 to B. It is
agreed between A, B and
C that henceforth, C will
repay the amount of Rs.
5000 to B. Old contract
disappears and new one
is formed.
14. By agreement
By alteration – Alteration
means a change in one or
more of the terms of the
contract. By mutual
agreement, parties to
contract can alter one or
more terms of the
contract. By such
alteration, the contract is
discharged.
15. Example
X enters into a contract with Y
for supply of 100 bags of Sugar
by the first of the next month.
Subsequently, X and Y want to
alter the terms of the contract
and thereby X and Y agree that
X should supply 50 bags of sugar
instead of 100 bags on the 10th
of the next month. In this case,
the old contract is discharged.
16. By agreement
By recession – Recession
means cancellation of
contract. In that case, the
original contract need not
be performed. Both the
contracting parties may
agree, by mutual
agreement, to rescind the
contract by cancelling
some or all the terms of
the contract.
17. Example
X agrees to supply Y certain
luxurious good within six
months. By the time, the
said goods go out of
fashion. Both X and Y agree
to cancel the contract. By
such cancellation, the
contract between X and Y is
discharged.
18. By agreement
By remission – Remission
means acceptance of a
lesser performance than
what was actually due
under the contract. It is a
unilateral act of promise
discharging at his will and
pleasure the obligation of
another.
19. Example
X owes Rs. 500 to Y. Y
agrees to accept a lesser
sum namely, Rs 400 instead
of Rs. 500. As soon as Rs.
400 is paid by X, the whole
debt of Rs. 500 is
discharged.
20. By agreement
By waver – When both
parties by mutual
consent, agree of
abandon their respective
rights, the contract need
not be performed and
the same is discharged. It
is called waiver.
21. Example
A agrees to supply B 10 bags
of rice. B, in return agrees to
supply A, 10 bags of wheat.
Subsequently, both A and B
agree to abandon their
respective rights. Accordingly
A need not supply rice to B.
Likewise B need not supply
wheat to A. Now contract is
discharged.
22. By agreement
By merger – Sometimes,
both parties, who have
already entered into a
contract within inferior
rights, may enter
subsequently new contract
and the new contract
creates superior rights.
Now the previous contract
with lesser right is said to
be merged with
subsequent contract with
superior rights.
23. Example
Y is the owner of the house
in which X is residing as a
tenant. Subsequently X
buys the property from Y. In
such case, X’s lesser rights
as leasee will be merged
into his superior rights as
an owner.
24. By lapse of time
Every contract must be
performed within specified
period and it is called the
period of limitation. If the
contract is not performed
and the promise fails to
take any action within the
period of limitation, then
the contact is terminated or
discharged by lapse of
time.
25. Example
X borrows Rs. 500 from Y through
a promissory note. If X does not
pay any amount, Y must file a suit
to recover the amount in a court
of law within three years from
the date of execution of the
promissory note. If no action is
taken by Y within three years, the
promissory note is completely
barred by limitation and Y can’t
recover the amount from X.
26. By operation of law
• A contract may be discharged
by operation of law. In other
words, law itself discharges
the contract in the following
circumstances.
– By death – An contract which is
based upon personal skill and
qualification of the promisor is
terminated on the death of the
promisor. In other contracts,
the rights and liabilities of
deceased person pass of his
legal representatives.
27. Example
X agrees to paint a picture
for Y. Subsequent to the
agreement X dies. Now the
contract of X with Y
discharged because of the
death of the promisor.
28. By operation of law
– By insolvency – If a person
is adjudicated insolvent by
a competent court, all his
rights and liabilities are
vested with the official
receiver and the insolvent
is discharged from all his
rights and liabilities arising
from all his earlier
contracts.
29. By impossibility of performance
Contract will be
discharged when the
performance of contract
becomes impossible.
Impossibility of
performance of a
contract may exist either
30. By impossibility of performance
At the time of contract –
when both the contracting
parties are aware of
impossibility of
performance of the
contract even at the time of
formation of the contract
itself, then the agreement
becomes void. If they are
not aware, contract
becomes void when such
impossibility is discovered.
31. Example
X agrees to pay Y Rs. 10,000
and Y, in return promises to
bring the moon from heaven
for X. In such a case, the
impossibility is known for
the parties.
32. By impossibility of performance
Subsequent to contract – As a
general rule, the impossibility
of performance will not
excuse the promisor and in
case of non performance, the
promisor is liable to pay
damages to the promise. But
there may be some cases in
which non – performance of
the contract may be due to
some even beyond the control
of the parties. In such cases,
performance of contract will
be discharged. This is called
“Doctrine of Supervening
impossibility’.
33. Example
A and B contracts to marry
each other. Before the time
fixed for marriage, A goes
mad. This supervening factor
renders the contract
impossible. So the contract
becomes void.
34. By breach of contract
Breach means failure of a
party to perform his
obligation under a
contract. When a
promisor has failed to
perform his part of
contract, he has
committed a breach of
contract. Breach of
contract is of two kinds.
35. By breach of contract
Actual breach of contract
– Actual breach of
contract may take place
at the time when the
performance becomes
due and in such cases,
one party, fails or refuses
to perform his obligation.
36. Example
X agrees to supply Y, 10 bags
of sugar on the 1st of March.
In this case, performance is
due on 1st March. On the 1st
march, he fails to supply
sugar. This is actual breach
of contract at the time when
the performance is due.
37. By breach of contract
Anticipatory breach of
contract – When a party
to a contract refuses to
perform his obligation
before the due date of
performance, it is called
anticipatory breach of
contract.
38. Example
X agrees to supply Y, 10 bags
of sugar on the 1st of March.
But before this date, say in
the second week of
February, he informs B that
he is not going to supply the
sugar. This is anticipatory
breach of contract by
express repudiation.