The document discusses the performance of contracts under Pakistani law. It defines performance of a contract as the fulfillment of legal obligations by both parties. It outlines the rules around who can demand performance, including the promisee, legal representatives, and in some cases third parties. It also discusses how contracts are to be performed, including by the promisor, agents, legal representatives or third parties under certain conditions. The document concludes that performance of a contract means fulfilling obligations according to the terms of the agreement.
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.
Law of partnership, characterstics of partnership, kinds of partnership and t...FAST NUCES
The presentation is about the law of partnership and its lawful definition. it also proves information about the characteristics of partnership. Moreover, it also contains the test of partners in a partnership. it also has ideal partnership and kinds of partnership.
Agency "PART 1" (Chapter 18) - Business LawSandeep Sharma
PPT on "Agency" for BBA & B.Com 1st year students, CA, CPT, CS & CMA Foundation.
Business Law PPT by Sandeep Sharma.
Meaning with suitable example & explanation.
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.
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.
Law of partnership, characterstics of partnership, kinds of partnership and t...FAST NUCES
The presentation is about the law of partnership and its lawful definition. it also proves information about the characteristics of partnership. Moreover, it also contains the test of partners in a partnership. it also has ideal partnership and kinds of partnership.
Agency "PART 1" (Chapter 18) - Business LawSandeep Sharma
PPT on "Agency" for BBA & B.Com 1st year students, CA, CPT, CS & CMA Foundation.
Business Law PPT by Sandeep Sharma.
Meaning with suitable example & explanation.
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.
Described about Indemnity,guarantee,rights and duties of Guarantor,surety,Contract of Bailment, kinds of Balment, Discharge of surety from Indian Contract Act 1872.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
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.
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.
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.
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How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
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.
6. • Performance of contract means the
fulfillment of legal obligations created under
the contract by both the promisee and
promisor when a contract is duly performed
by both parties , the contract comes to end.
7. • DEMAND FOR PERFORMANCE
1. PROMISEE
It is only the promisee who demand performance of the contract .
A person cannot acquire rights under a contract to which he is in
a party. A third party cannot demand performance of the contract
even though it was made for his benefit.
EXAMPE
A promise to B that A will pay Rs.500 to C. A did not pay to C.
only B can demand performance from A. C cannot demand
performance from A.
8. 2.LEGAL REPRESENTATIVE
In case of death of promisee, his legal representative can demand
performance of contract unless a contrary intention appears form the
contract or contract is of a personal nature.
Example
C bought rice from B . B died before the recovery of payment . legal
representatives of B can demand performance.
3. THIRD PARTY
generally the third party cannot demand the performance of contract
because he is not a party to the contract.
EXAMPLE
A transfers property to B under trust for the benefit of M. M can demand
the performance of contract from B.
9. Performance of contract
Generally a contract should be performed as under
1.PROMISOR
A contract must be performed by the promisor himself . in case of
contract involving personal skill or tasts, the promisor himself must
perform the contract . in case of death or disablement of a
promisor , the contract will be discharge.(sec 40)
EXAMPLE
a promises to paint a picture for B . A must perform the contrsct
himself.
2. AGENT
In a contract where no personal skills is involved, the pro misor
may employ a competent person to perform the contract.
EXAMPLE
A promises to sell goods to B . A can appoint his agent for
performance of contract.
10. 3.LEGAL REPRESENTATIVE
In a contract involving personal skills , the legal representatives of a
deceased promisor are not bound to perform the contract. But in a
contract of impersonal nature , the legal representatives are bound to
perform the contract .
EXAMPLE
A promise to deliver goods to B 1st May on payment of rs,1000. A dies
before that day . legal representatives of A bound to deliver the goods
to B and B bound to pay Rs. 1000 to legal representatives of A.
4. THIRD PERTY
the third party may perform the promise if the promise accepts the
performance. When a promise accepts performance of promise from a
third person , he can not afterwards enforce it against the promisor.
EXAMPLE
A borrows rs.2 lac from B and promises to pay within a month. C the
father of A , pays rs. 2 lac to B is discharged from his liability.
11. PERFORMANCE OF JOINT PROMISE
DEFINITION
in a joint promise, two or more persons entre into agreement
with one or more persons. The rules regarding demand for
performance and performance of contract as follow.
DEMAND FOR PERFORMANCE
The rules for demand for performance are as under.
1. PROMISE
When a person is made with several person jointly , then in
absence of any agreement to the contrary , all the promises
can jointly demand performance and single promise cannot
demand performance .(sec 45)
Example A borrows rs.2 lac from B to C . only C can
demand the performance jointly .
12. 2.LEGAL REPRESENTATIVES
In case of death of any promisee, the legal representatives
and surviving promises can jointly can demand
performance. When all promises are dead , the legal
representatives of all can jointly demand
performance.(sec 45)
Example
A borrows Rs.5 lac from B and C. if B dies , B’s legal
representatives and surviving promises can jointly
demand performance. Of C dies, C’s legal representatives
and B jointly can demand performance.
13. PERFORMANCE OF CONTRACT
DEFINITION
the rules regarding performance of contract as under.
1. ALL PROMISORS
when two or more then persons make a joint promise, then unless a
contrary intention appears from the contract , all such persons must
jointly fulfil the promise. When any one of the promisors dies, his legal
representatives must fulfill the promise jointly with the surviving
promisors . On death of all the original promisors, the legal
representatives of a;; of them must jointly fulfill the promise.(sec42 )
EXAMPLE
A B & C jointly promise to pay rs.3000 to D . A B & C must contribute
rs.1000 each. If A dies , then the legal representatives of A are liable to
pay Rs.1000 along with B&C.
14. 2.ANY ONE OF PROMISORS
in the of any express agreement to the contrary, the
promise may compel any one or more the joint
promisors to perform the promise, since the liability
of joint promisors is joint and several, the promise
can recover amount from all or any one or more of
them (sec 43 para 1)
EXAMPLE
A B & C jointly promise to pay D rs 3000. D may
compel either A or B or C any two or all of them to
pay.
15. 3.DEMAND OF CONTRIBUTION
If one of the joint promisors is compelled to perform
the whole contract, he may compel every other joint
promisor to contribute equally to the performance of
contract unless a contrary intention appears from the
contract.(sec 43 para 2)
EXAMPLE
A B & C jointly promise to pay D Rs. 3000. If A is
compelled to pay the whole amount of Rs.3000,
he can recover rs.1000 from each from B &C.
16. 4.DEFAULT IN CONTRIBUTION
if any express of the promisors makes default
in making contribution, if any the remaining
joint promisors must bear loss arising out of each
default in equal shares. (sec 43 para 3)
EXAMPLE
A B & C are under joint promise to pay rs.3000
to D . if C is unable to pay anything, then A and
B must pay rs. 1500 each.
17. 5.RELEASE OF PROMISOR
in case of joint promise, if one of the joint promisors is
released from his liability by promise, his liability to the
promise ceases but his liability to the other promisors to
contribute does not cease. (sec 44)
EXAMPLE
A B & C are under promise to pay rs. 3000 to X. if X
releases C from liability . A and B remain liable to pay X
. C in not released from liability to A and B. A and B can
recover from C.
18. CONCLUSION
• Performance of contract means fulfillment of
the obligations by the parties. The parties who
make the contract must fulfill their obligations
according to the terms laid down in
the contract. Performance of contract is one
of the methods to discharge a contract.