B Com Exam > B Com Videos > Business Law > Performance of contract - Discharge of Contract, Business Law
Performance of contract - Discharge of Contract, Business Law Video Lecture | Business Law - B Com
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FAQs on Performance of contract - Discharge of Contract, Business Law Video Lecture - Business Law - B Com
| 1. What is the meaning of discharge of a contract? |  |
Ans. Discharge of a contract refers to the termination or completion of contractual obligations between the parties involved. It occurs when both parties have fulfilled their respective obligations or when certain events, such as expiration of the contract term or breach of contract, lead to the termination of the agreement.
| 2. What are the different ways through which a contract can be discharged? | |
Ans. Contracts can be discharged in several ways, including:
1. Performance: When both parties fulfill their contractual obligations, the contract is discharged by performance.
2. Agreement: If both parties mutually agree to end the contract, it can be discharged by agreement.
3. Breach: If one party fails to fulfill their obligations without a valid excuse, the other party may choose to terminate the contract due to breach, discharging the agreement.
4. Frustration: If an unforeseen event occurs that makes it impossible for either party to fulfill their obligations, the contract may be discharged due to frustration.
5. Operation of law: Certain events, such as bankruptcy or death, may discharge a contract by operation of law.
| 3. Can a contract be discharged if one party fails to perform their obligations? | |
Ans. Yes, a contract can be discharged if one party fails to perform their obligations without a valid excuse. This is known as a breach of contract. The non-breaching party may choose to terminate the contract, seek damages, or pursue other legal remedies available to them.
| 4. Can a contract be discharged if both parties agree to end it before performance is completed? | |
Ans. Yes, a contract can be discharged if both parties mutually agree to end it before the performance is completed. This is known as discharge by agreement. The terms of the agreement to discharge the contract should be clearly stated and agreed upon by both parties to avoid any disputes or future obligations.
| 5. What is discharge by frustration of a contract? | |
Ans. Discharge by frustration occurs when an unforeseen event makes it impossible for either party to fulfill their obligations under the contract. This event must be beyond the control of the parties and not due to any fault or negligence on their part. In such cases, the contract is considered frustrated, and the parties are relieved from further performance. However, the frustrated party may be entitled to claim for any expenses incurred before the frustration occurred.
Text Transcript from Video
hello friend this is C average Golani
recommend you to this session on
performance of contrary we have already
completed three units of the Indian
contract at 1872 the first unit was on
the nature of contract the second was on
consideration and the third was on
essential features or characteristics of
a contract this is the fourth unit on
the contract act 1872 this is a very
important part in the Indian contract
act 1872 until now we have studied about
the formation of contract now on we
study about the performance of contract
see formation is the first part first
you should know what is a contract and
how to use form it now comes the second
and the more important part which is
about the performance of contract
performance of contract means actually
performing what you had promised earlier
means actually doing what you had said
earlier what you had agreed earlier and
once you perform the contract the
contract comes to an end but do you
think performance is as simple is it
just simple oh do you think they'll be
many provisions relating to performance
of contract yes there are a lot of
provisions relating to the performance
of contract now I just ask you a couple
of questions do you think only the
promise sir can perform the contract or
anyone else can also perform anybody
else
do you think a contract can be performed
at any time or there's some restriction
as far as time is concerned
what if the promised a dice do we have
any alternative then or what if suddenly
you know the contract becomes impossible
to perform some impossibility crops up
what do you do then do you need to
perform what if both the parties to the
contract mutually decide that they do
not need to perform what do we do in all
these cases how do we perform vendor we
perform who performs it these are some
of the questions which need to be
answered and we do precisely this thing
in this session so let's get started
with the topic performance of contract
recommend you to this session on
performance of contrary we have already
completed three units of the Indian
contract at 1872 the first unit was on
the nature of contract the second was on
consideration and the third was on
essential features or characteristics of
a contract this is the fourth unit on
the contract act 1872 this is a very
important part in the Indian contract
act 1872 until now we have studied about
the formation of contract now on we
study about the performance of contract
see formation is the first part first
you should know what is a contract and
how to use form it now comes the second
and the more important part which is
about the performance of contract
performance of contract means actually
performing what you had promised earlier
means actually doing what you had said
earlier what you had agreed earlier and
once you perform the contract the
contract comes to an end but do you
think performance is as simple is it
just simple oh do you think they'll be
many provisions relating to performance
of contract yes there are a lot of
provisions relating to the performance
of contract now I just ask you a couple
of questions do you think only the
promise sir can perform the contract or
anyone else can also perform anybody
else
do you think a contract can be performed
at any time or there's some restriction
as far as time is concerned
what if the promised a dice do we have
any alternative then or what if suddenly
you know the contract becomes impossible
to perform some impossibility crops up
what do you do then do you need to
perform what if both the parties to the
contract mutually decide that they do
not need to perform what do we do in all
these cases how do we perform vendor we
perform who performs it these are some
of the questions which need to be
answered and we do precisely this thing
in this session so let's get started
with the topic performance of contract
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Nov 15, 2024 Last updated |
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