The document discusses various aspects of discharge and performance of contracts such as actual performance, attempted performance, tender of performance, parties that can demand performance like promisees and third parties, modes of discharge like agreement between parties, operation of law, and impossibility of performance. It also discusses breach of contracts, types of damages for breach, and specific relief.
Definition of Consideration, When Consideration or object is unlawful, effects of illegality, Unlawful & illegal agreements.....
It's useful for law students.
The Indian Partnership Act, 1932 was enacted in India in 1932.THE INDIAN PARTNERSHIP ACT’ 1932 Section.4 of the Indian Partnership Act, 1932 defines Partnership in the following terms: “ Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.”
"Section 464 of the Companies Act, 2013 empowers the Center Government to prescribe maximum number of partners in a firm but the number of partners so prescribed cannot be more than 100.The Central Government has prescribed maximum number of partners in a firm to be 50 vide Rule 10 of the Companies (Miscellaneous) Rules,2014.Thus, in effect, a partnership firm cannot have more than 50 members".
General duties of Partners[2]
The Partners shall run the business of the firm to the highest level of common advantage by being true to each other. They have to be accountable to one another and provide complete information of all the aspects of the firm , to any other partner or their legal representatives.
Duty of indemnification
Each partner shall indemnify the firm for any loss that occurred due to a fraud, in the conduct of the business.
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
Definition of Consideration, When Consideration or object is unlawful, effects of illegality, Unlawful & illegal agreements.....
It's useful for law students.
The Indian Partnership Act, 1932 was enacted in India in 1932.THE INDIAN PARTNERSHIP ACT’ 1932 Section.4 of the Indian Partnership Act, 1932 defines Partnership in the following terms: “ Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.”
"Section 464 of the Companies Act, 2013 empowers the Center Government to prescribe maximum number of partners in a firm but the number of partners so prescribed cannot be more than 100.The Central Government has prescribed maximum number of partners in a firm to be 50 vide Rule 10 of the Companies (Miscellaneous) Rules,2014.Thus, in effect, a partnership firm cannot have more than 50 members".
General duties of Partners[2]
The Partners shall run the business of the firm to the highest level of common advantage by being true to each other. They have to be accountable to one another and provide complete information of all the aspects of the firm , to any other partner or their legal representatives.
Duty of indemnification
Each partner shall indemnify the firm for any loss that occurred due to a fraud, in the conduct of the business.
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
Performance of contract - Legal Environment of Business - Business Law - Manu...manumelwin
Performance of a contract consists in doing or causing to be done what the promisor has promised to do. A contract creates legal obligations. Performance of a contract means the carrying out of these obligations.
In this presentation, we will discuss the aspects of contracts and agreement. The concept of offers, acceptances, considerations. We will also talk about contractual capacity, mental incompetence, minor agreements and essential elements of coercion, undue influences, fraudulence, misrepresentations, public policies and contingent agreements.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit: http://www.welingkaronline.org/distance-learning/online-mba.html
Business Law Unit-2, BBA I Year Osmania UniversityBalasri Kamarapu
Business Law BBA I Year Osmania University, Contingent Contracts, Features of Contingent Contract, Rules of Contingent Contracts, Discharge of Contracts, modes of discharge of contracts, Breach of Contract, Remedies for Breach of Contract, Types of Damages.
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2. Performance may be
i-Actual performance-When both the
parties perform their respective promises, a
contract is said to have been actually
performed
ii-Attempted performance-offer to perform
may be called Attempted performance
Offer to perform is called ‘ Tender of
3. 1- Tender must be unconditional
2-tender must be made at a proper time and
place
3-Tender must be made under such
circumstances that the person to whom it is
made may have a reasonable opportunity of
ascertaining that the person by whom it is
made is able and willing to fulfill the whole of
promise
4. 4-If the offer is an offer to deliver anything to
the promisee,the promisee must have a
reasonable opportunity of seeing that the
thing offered is the thing which the promisor
is bound to deliver
5- The Tender must be whole and not only
the part
6-Tender must be made to the promisee or
his duly authorized agent
7-Tender made to one of several promises
has the same effect as a tender to all of
5. 8-If any promisee neglects or refuses to
afford the promisor reasonable facilities for
the performance of the promisee
9-The Tender must be in proper form
10-The party making a Tender must be
ready and willing to fulfill the obligation
whenever called upon
11-A mere offer by post to pay the amount
is not a valid tender
12-A Tender may either be Tender of goods
6. 1-Promisee-A third party can not demand
the performance
2-Legal Representative-In the case of
death of promisee , the Legal representative
can demand performance
3-Joint Promisees –When a person has
made a promise to two or more persons
4-Third Party-A third party can demand
7. 1-By the Parties-As per section 37 of the
Act
2-Promisor-As per section 40 of the Act
3-Representatives-As per section 37
4-Agent-As per section 40
5-Third person-As per section 41
8. 1- Where no time is specified
2-When time is specified
3-On application for performance by
promisee
9. 1-Mutual and Dependent-Performance of
one party depends upon the prior
performance of other party
2-Mutual and Independent-each party
must perform independently
3-Mutual and Concurrent-Promise has to
be performed simultaneously.
10. 1-Express appropriation by Debtor
2-Implied appropriation by debtor
3-Principal and Interest when both are due
4-Apporpriation by Creditor
5-Apporpriation by Law
6-The rule in re Hallett’s estate
11. i-If the parties to a contract agree to
substitute a new contract
ii- Promisee may dispense with or remit
wholly or part, the performance of a promise
made by him
iii-When a person at whose option a
contract is voidable rescinds it.
iv-If any promisee neglects or refuses to
afford the promisor reasonable facilities
12. v-When a contract becomes void because
of supervening impossibility or illegality
vi-When a person has a right to rescind a
contract
vii-When a promisor is excused by any other
law
13. i-Novation or Substitution-Some new
contract got substituted
ii-Alteration-Change in terms of contract
iii- Rescission-If the parties agree to
rescind it
iv-Remission--Acceptance of lesser sum
compared to the original contract
v-Waiver-To dispense with
vi-Merger-When superior right and inferior
14. 1-Insolvency-The promisor is discharged
2-Merger-Extinguishesing the right
3-Death-The death of the promisor
discharges the contract
4-Lapse of time-The Limitation Act 1963
5-Material alteration or unauthorized
alteration-Change in one or more of the
material terms of contract
15. Meaning-According to Sec 56, impossibility
of performance may fall into
i-Impossibilty existing at the time of contract
known as pre-contractual or initial
impossibility
ii-Subsequent or supervening impossibility
also known as post- contractual impossibility
16. 1-Destruction of the object necessary for the
performance of the contract
2-Change of law
3-Personal incapacity
4-Outbreak of war
17. 1-Difficulty of performance
2-Commercial Impossibility
3-Impossibilty due to the behavior of a third
party
4-Self induced impossibility
5-Strikes, Lockouts ,and Civil disturbances
6-Partial impossibility
7-Rights and obligations under a transfer of
property under a case
8-Temporary interruptio9-Matters with the
contemplation of parties
18. 1-Actual breach of contract-At the time
when the performance id due
2-Anticipatory Breach of contract-By
renunciation
19. 1-If the contracted is ended at once-The
amount of damages will be measured by the
difference between the prices prevailing on
the date of breach
2-If the contract is kept alive till the date
of performance of contract-Here the
damage will be on the date of performance
20. 1-Ordinary or general damages-Damages
parties are ought to know
2-Special damages-Resulting from breach
of contract
3-Exemplary damages-Shows the Court’s
disapproval
4-Nominal damages- Contemptuous
damages
21. 1 Reasonable and proportionate-The
amount involved
2-Fair and Genuine-the damage is fair and
genuine
3-Object-To secure compensation
4-Recovery through Court-Are permitted
by Court
5-Court,s Power-Courts have no power to
22. 1-Reasonable and Proportionate-The
amount is reasonable
2-Fair and Genuine-The damage is fair
estimate
3-Object-To secure compensation
4-Recoverable through Court-Liquidated
Damages are permitted by Court
5-Court’s Power-Court’s have no power to
23. I-In case of voidable contracts ( Sec 64 )-
The contracts becomes voidable
ii-In case of contract becoming void (
Sec 65 )-When an agreement is discovered
to be void
24. i-Where monetary compensation is an
adequate remedy
ii-Where the court cannot supervise the
execution of the contract
iii-Where the contract is for personal service
iv-Where one of the parties is incompetent
to contract
v- Where the contract is ultra vires
25. vi- Where the contract is made by Trustees
in breach of trust
vii-Where a subject material part of the
subject matter of the contract has ceased to
exist
viii-Where the contract is inequitable to
either party
26. 1- This right does not arise out of any
contract but it is of quasi- contractual nature
2-This right arises out of some past
performance a)- some work is done)-some
services are rendered.
3-It is by nature restitutory
4-It arises when a quasi- contract is in
existence
27. 1-This right arises out of a contract
2-This right arises when there is non-
performance
3-It is by nature compensatory
4-It arises only when a contract is broken
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