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Discharge of Contract PPT MBA

A contract can be discharged in several ways: 1) By performance of the contractual obligations by one or both parties. 2) By mutual consent or agreement of both parties. 3) By supervening impossibility which prevents performance, such as destruction of the subject matter or a change in law. A contract may also be discharged by breach, lapse of time, or operation of law such as death or insolvency of a party.

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Babasab Patil (Karrisatte)
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2K views4 pages

Discharge of Contract PPT MBA

A contract can be discharged in several ways: 1) By performance of the contractual obligations by one or both parties. 2) By mutual consent or agreement of both parties. 3) By supervening impossibility which prevents performance, such as destruction of the subject matter or a change in law. A contract may also be discharged by breach, lapse of time, or operation of law such as death or insolvency of a party.

Uploaded by

Babasab Patil (Karrisatte)
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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DISCHARGE OF CONTRACT

Discharge of contract (DoC) means termination of the


contractual relationship between the parties. A contract may be discharged in of the following way. 1. By Performance: Actual or attempted.(Sec.37,38) 2. By Mutual Consent or Agreement: 3. By Subsequent or Supervening Impossibility:(S56) 4. By Lapse of Time: 5. By Operation of Law: 6. By Breach of Contract (s.39)

1.BY PERFORMANCE: a) Actual Performance b) Attempted Performance. 2.BY AGREEMENT OR CONSENT: a) By Express Consent. b) By Implied Consent: It can happen by Novation, Recession (cancellation of contract Alteration, Remission, Waiver and Merger. 3. BY IMPOSSIBILITY OF PERFORMANCE: a) Known to the Parties. b) Unknown to the Parties. c) Supervening Impossibility. Parties are excused in the following circumstances: * Destruction of Subject Matter. * Non Existence of State of Things. * Death or Incapacity for Personal Services: eg. Painting. * Change of Law. * Outbreak of war. Not an excuse : for difficulty of performance, Commercial Impossibility, Failure of Third Party, strikes ;Lockouts and Civil Disturbance.

4.BY LAPSE OF TIME : A contract should be performed


within a specified period( Period of limitation) otherwise it can be cancelled.

5. BY OPERATION OF LAW : a) By Death b) Merger c) Insolvency d) Un Authorized Alteration of terms of contract. e) Rights and Liabilities Vesting in the same person.

6. BY BREACH OF CONTRACT: A. Actual Breach : a) at the time of Performance. b) During the Performance. B. Anticipatory Breach : a) By an act of promissory making( implied repudiation) b) By Renunciation of the obligation ( Express
Repudiation).

TIME AND PLACE OF PERFORMANCE (Sec.46-50 & 55): A. Where Time and Place is Prescribed by the Promisee: The performance of the contract must be made at the
specified Time and Place. B. Where Time and Place Not Prescribed by the Promisee. Then the contract must be performed: a) Within a Reasonable time. b) At proper Place. EFFECT OF FAILURE TO PERFORM A CONTRACT WITHIN A REASONABLE TIME : 1.When Time is the Essence of Contract (Sec.55). 2.When time is Not the Essence of Contract.

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