PPT - Performance of Contract CA Foundation Notes | EduRev

Business Laws for CA Foundation

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CA Foundation : PPT - Performance of Contract CA Foundation Notes | EduRev

 Page 1


CPT Section B Mercantile Law Unit 4 
CA Nikshit HV Shah 
 
Page 2


CPT Section B Mercantile Law Unit 4 
CA Nikshit HV Shah 
 
Obligations under a contract must be carried out by the 
parties.  
Various modes of performance.  
Consequence of refusal of performance or refusal to 
accept performance, by either of the parties.  
Rights of joint promisees, liabilities of joint promisors, 
and rules regarding appropriation of payments. 
Page 3


CPT Section B Mercantile Law Unit 4 
CA Nikshit HV Shah 
 
Obligations under a contract must be carried out by the 
parties.  
Various modes of performance.  
Consequence of refusal of performance or refusal to 
accept performance, by either of the parties.  
Rights of joint promisees, liabilities of joint promisors, 
and rules regarding appropriation of payments. 
What is performance/discharge 
Who should perform  
What should be mode of performance 
When (timelines) should it be performed 
Rights and duties of parties involved 
Consequences of non-performance 
Page 4


CPT Section B Mercantile Law Unit 4 
CA Nikshit HV Shah 
 
Obligations under a contract must be carried out by the 
parties.  
Various modes of performance.  
Consequence of refusal of performance or refusal to 
accept performance, by either of the parties.  
Rights of joint promisees, liabilities of joint promisors, 
and rules regarding appropriation of payments. 
What is performance/discharge 
Who should perform  
What should be mode of performance 
When (timelines) should it be performed 
Rights and duties of parties involved 
Consequences of non-performance 
Modes of 
discharge 
Performance 
Mutual 
Agreement 
Operation 
of law 
Impossibility of 
performance 
Breach and Lapse of 
time 
Page 5


CPT Section B Mercantile Law Unit 4 
CA Nikshit HV Shah 
 
Obligations under a contract must be carried out by the 
parties.  
Various modes of performance.  
Consequence of refusal of performance or refusal to 
accept performance, by either of the parties.  
Rights of joint promisees, liabilities of joint promisors, 
and rules regarding appropriation of payments. 
What is performance/discharge 
Who should perform  
What should be mode of performance 
When (timelines) should it be performed 
Rights and duties of parties involved 
Consequences of non-performance 
Modes of 
discharge 
Performance 
Mutual 
Agreement 
Operation 
of law 
Impossibility of 
performance 
Breach and Lapse of 
time 
By mutual agreement: If the parties to a 
contract agree to substitute a new contract 
for it, or to refund or remit or alter it, the 
original contract need not be performed.  
The principles of Novation, Rescission, 
Alteration and Remission.  
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