logging in or signing up UNIT 1 PERFORMANCE OF CONTRACT quadir Download Post to : URL : Related Presentations : Let's Connect Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Copy embed code: Embed: Flash iPad Dynamic Copy Does not support media & animations Automatically changes to Flash or non-Flash embed WordPress Embed Customize Embed URL: Copy Thumbnail: Copy The presentation is successfully added In Your Favorites. Views: 1424 Category: Entertainment License: All Rights Reserved Like it (0) Dislike it (0) Added: August 07, 2012 This Presentation is Public Favorites: 1 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript PERFORMANCE OF CONTRACT: Tuesday, August 07, 2012 Quadir Mohiuddin 1 PERFORMANCE OF CONTRACT Performance of Contract means “fulfillment of the legal obligation created by a contract”. Chp IV of the ICA act deals with performance of contracts. Section 37 of the contract Act lays down that “the parties to a contract must either performance or perform or offer to perform their respective promises, unless such performance is dispensed with or excused under the provision of law. The nature of the contract determines whether it requires actual or attempted performance.PowerPoint Presentation: Tuesday, August 07, 2012 Quadir Mohiuddin 2 Attempted performance or offer to performance Sometimes it happens that the promisor or offers to perform his obligations under the contract but the promisee does not accept. This know as attempted performance or Tender.BY WHOM CONTRACT MUST BE PERFORMED: Tuesday, August 07, 2012 Quadir Mohiuddin 3 BY WHOM CONTRACT MUST BE PERFORMED 1.By the promisor :- A contract may be performed by the promisor, either personally or thorough any other competent person. 2. By the agent:- Where personal skill is not necessary and the work could be done by anyone, the promisor or his representative may employ a competent person to perform it. Thus a contract to sell goods can be assigned by the seller to his agent.PowerPoint Presentation: Tuesday, August 07, 2012 Quadir Mohiuddin 4 3. By the representative:- In the event of the death of the promisor before performance, their representatives are bound by the promises, unless personal consideration are the foundation of the contract. 4. By the third person:- If the promise accepts performance of the promise form a third party, there is discharge of the contract. Once the third party performs the contract, and that is accepted by the promisee there is an end of the matter and the promisor is thereby discharge.BREACH OF CONTRACT: Tuesday, August 07, 2012 Quadir Mohiuddin 5 BREACH OF CONTRACT Breach means “failure or refusal of a party to perform his obligation under a contract without any lawful excuse. Actual breach:- It means committed either at the time when the performance of the contract is due or during the performance of the contract. It is also called “present breach”. Anticipatory breach:- A breach of contract occurring before the due date of performance is known as “Anticipatory breach of contract”. It is a premature destruction of the contract rather than a failure to perform it. It is also called “Constructive breach”.REMEDIES FOR BREACH OF CONTRACT.: Tuesday, August 07, 2012 Quadir Mohiuddin 6 REMEDIES FOR BREACH OF CONTRACT. In case of breach of contract the law provides the following remedies to injured or aggrieved party. Suit for Rescission of the contract. Suit for Restitution. Suit for Specific performance. Suit for Damages. Suit upon quantum merit. Suit for Injunction.REMEDIES FOR BREACH OF CONTRACT: Tuesday, August 07, 2012 Quadir Mohiuddin 7 REMEDIES FOR BREACH OF CONTRACT Suit for Rescission of the contract:- Rescission means” the setting aside of the contract” When there is a breach of contract by one party, the other party may sue to treat the contract as rescinded. When the court grants rescission, the aggrieved party is feed. Ex:- X promise to deliver 10 tons of sugar to Y on Sept 15 th and Y promise to pay the price on receipt of the goods. X did not deliver the goods on the appointed date. Y need not pay the price and he treat the contract as rescinded and may also file a “Suit of Rescission” and claim damage.REMEDIES FOR BREACH OF CONTRACT: Tuesday, August 07, 2012 Quadir Mohiuddin 8 REMEDIES FOR BREACH OF CONTRACT Suit for restitution:- It means return of benefits received by one party to the contract from the other party under a void contract . When a contract becomes void it need not be performed by either party. Example:- A pays B RS1000 in consideration of B’s promising to marry C, A’s daughter. C is dead at the time of promise. The agreement is void but B must repay A’s RS1000.REMEDIES FOR BREACH OF CONTRACT: Tuesday, August 07, 2012 Quadir Mohiuddin 9 REMEDIES FOR BREACH OF CONTRACT Suit for Specific performance :- Under certain circumstances a person aggrieved by the breach of the contract can file a suit for specific performance i.e., for an order by the court upon the party guilty of breach of contract directing him to perform what he promised to specific performance means “the actual carrying out of the promise what he promise by the party breach, exactly according to the term of the contract” In contracts for sale of land, building and rare articles, courts generally grant for specific performance of the contract according to the specific relief Act 1877.REMEDIES FOR BREACH OF CONTRACT: Tuesday, August 07, 2012 Quadir Mohiuddin 10 REMEDIES FOR BREACH OF CONTRACT Suit for damages:- In case of a breach of contract; injured party can claim damages for the low caused by breach of contract. Damages are a monetary compensation allowed to the injured party by the lcourt for the loss or injury suffered by him. When a contract is breached the injured party is entitled to file a suit for damages. The fundamental principle underlying damages is not punishment but comparation. Damages are of four types:- General damages . 3) Vindictive damages . Special damages . 4) Nominal damages .REMEDIES FOR BREACH OF CONTRACT: Tuesday, August 07, 2012 Quadir Mohiuddin 11 REMEDIES FOR BREACH OF CONTRACT Suit upon Quantum meruit :- The phrase “Quantum meruit” means payment in proportion to the amount of work done a right to sue on a Quantum meruit arises where a contract, party performed by one party, has become discharged by the contract by the other party.REMEDIES FOR BREACH OF CONTRACT: Tuesday, August 07, 2012 Quadir Mohiuddin 12 REMEDIES FOR BREACH OF CONTRACT Suit for injunction:- An injunction is an order of the court directing a person to do refrain from doing same act, which is the subject matter of the contract and which a party undertakes to do or not to do.DISCHARGE OF CONTRACT: Tuesday, August 07, 2012 Quadir Mohiuddin 13 DISCHARGE OF CONTRACT Discharge means “Termination”. Discharge of contract means “termination” of contractual relationship between the parties. A contract is said to be discharge or terminated when the right and obligation created by it are extinguished. A contract may be discharge in many ways. Discharged by performance. Discharged by Breach. Discharged by Agreement. Discharged by Impossibility. Discharged by Operation of law. Discharged by Lapse of time.QUASI -CONTRACT: Tuesday, August 07, 2012 Quadir Mohiuddin 14 QUASI -CONTRACT Quasi –Contracts are the contracts, which are not founded on actual promises, These contracts are created by the circumstances , where one person has done something for another or paid money on his behalf, and the other person enjoyed the benefit of the same Dr.LENKS defines a Quasi contract as “a situation in which law imposes upon one person on grounds of natural justice an obligation similar to that which arises from a ture contract, although no contract express or implied, has infact been entered into by them. It is a kind of contract by which one party is bounded to pay money in consideration of something done or suffered by the other party . Though no contractual relation exist between the parties, law makes out a contract for them and such a contract is called “Quasi-Contract” Example:- If A pays a sum of money to B believing him to be his creditor, when as a matter of fact he was not , B is bound to return the money to A on the assumption that the above sum given to him was by way of loan. You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.