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R contracts to sell his car to S for Rs. 7 Lacs and S agrees to pay on delivery. Once the car is delivered to S and S pays Rs. 7 Lacs, Contract comes to an end. This is called:
- a)Breach of a contract
- b)Discharge of a contract
- c)Rescission of a contract
- d)Waiver of a contract
Correct answer is option 'B'. Can you explain this answer?
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R contracts to sell his car to S for Rs. 7 Lacs and S agrees to pay on...
Discharge of a Contract
Discharge of a contract refers to the termination of a contractual relationship between the parties involved. In the given scenario, the contract between R and S comes to an end once the car is delivered to S and S pays Rs. 7 Lacs. This is called the discharge of a contract.
Importance of Discharge of a Contract
Discharge of a contract is important because it ensures that the parties involved in the contract are no longer bound by the terms and conditions of the contract. This means that the obligations and responsibilities that were agreed upon in the contract are no longer applicable.
Types of Discharge of a Contract
There are various ways in which a contract can be discharged, some of which are:
1. Performance - This is when both parties have fulfilled their obligations as per the contract.
2. Agreement - This is when both parties agree to terminate the contract by mutual consent.
3. Breach - This is when one party fails to fulfill their obligations as per the contract, leading to termination of the contract.
4. Frustration - This is when an unforeseen event occurs, making it impossible to fulfill the contract.
Conclusion
In conclusion, the discharge of a contract is an important aspect of any contractual relationship. It ensures that the parties involved are no longer bound by the terms and conditions of the contract. There are various ways in which a contract can be discharged, but in the given scenario, it is discharged through performance.
Discharge of a contract refers to the termination of a contractual relationship between the parties involved. In the given scenario, the contract between R and S comes to an end once the car is delivered to S and S pays Rs. 7 Lacs. This is called the discharge of a contract.
Importance of Discharge of a Contract
Discharge of a contract is important because it ensures that the parties involved in the contract are no longer bound by the terms and conditions of the contract. This means that the obligations and responsibilities that were agreed upon in the contract are no longer applicable.
Types of Discharge of a Contract
There are various ways in which a contract can be discharged, some of which are:
1. Performance - This is when both parties have fulfilled their obligations as per the contract.
2. Agreement - This is when both parties agree to terminate the contract by mutual consent.
3. Breach - This is when one party fails to fulfill their obligations as per the contract, leading to termination of the contract.
4. Frustration - This is when an unforeseen event occurs, making it impossible to fulfill the contract.
Conclusion
In conclusion, the discharge of a contract is an important aspect of any contractual relationship. It ensures that the parties involved are no longer bound by the terms and conditions of the contract. There are various ways in which a contract can be discharged, but in the given scenario, it is discharged through performance.
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R contracts to sell his car to S for Rs. 7 Lacs and S agrees to pay on...
Bringing end to the terms of a contract is known as discharge of contract. Here the contract gets terminated i.e.discharged because of performance.
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R contracts to sell his car to S for Rs. 7 Lacs and S agrees to pay on delivery. Once the car is delivered to S and S pays Rs. 7 Lacs, Contract comes to an end. This is called:a)Breach of a contractb)Discharge of a contractc)Rescission of a contractd)Waiver of a contractCorrect answer is option 'B'. Can you explain this answer?
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R contracts to sell his car to S for Rs. 7 Lacs and S agrees to pay on delivery. Once the car is delivered to S and S pays Rs. 7 Lacs, Contract comes to an end. This is called:a)Breach of a contractb)Discharge of a contractc)Rescission of a contractd)Waiver of a contractCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about R contracts to sell his car to S for Rs. 7 Lacs and S agrees to pay on delivery. Once the car is delivered to S and S pays Rs. 7 Lacs, Contract comes to an end. This is called:a)Breach of a contractb)Discharge of a contractc)Rescission of a contractd)Waiver of a contractCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for R contracts to sell his car to S for Rs. 7 Lacs and S agrees to pay on delivery. Once the car is delivered to S and S pays Rs. 7 Lacs, Contract comes to an end. This is called:a)Breach of a contractb)Discharge of a contractc)Rescission of a contractd)Waiver of a contractCorrect answer is option 'B'. Can you explain this answer?.
R contracts to sell his car to S for Rs. 7 Lacs and S agrees to pay on delivery. Once the car is delivered to S and S pays Rs. 7 Lacs, Contract comes to an end. This is called:a)Breach of a contractb)Discharge of a contractc)Rescission of a contractd)Waiver of a contractCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about R contracts to sell his car to S for Rs. 7 Lacs and S agrees to pay on delivery. Once the car is delivered to S and S pays Rs. 7 Lacs, Contract comes to an end. This is called:a)Breach of a contractb)Discharge of a contractc)Rescission of a contractd)Waiver of a contractCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for R contracts to sell his car to S for Rs. 7 Lacs and S agrees to pay on delivery. Once the car is delivered to S and S pays Rs. 7 Lacs, Contract comes to an end. This is called:a)Breach of a contractb)Discharge of a contractc)Rescission of a contractd)Waiver of a contractCorrect answer is option 'B'. Can you explain this answer?.
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R contracts to sell his car to S for Rs. 7 Lacs and S agrees to pay on delivery. Once the car is delivered to S and S pays Rs. 7 Lacs, Contract comes to an end. This is called:a)Breach of a contractb)Discharge of a contractc)Rescission of a contractd)Waiver of a contractCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for R contracts to sell his car to S for Rs. 7 Lacs and S agrees to pay on delivery. Once the car is delivered to S and S pays Rs. 7 Lacs, Contract comes to an end. This is called:a)Breach of a contractb)Discharge of a contractc)Rescission of a contractd)Waiver of a contractCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of R contracts to sell his car to S for Rs. 7 Lacs and S agrees to pay on delivery. Once the car is delivered to S and S pays Rs. 7 Lacs, Contract comes to an end. This is called:a)Breach of a contractb)Discharge of a contractc)Rescission of a contractd)Waiver of a contractCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
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