29-01-2013, 04:40 PM
PRESENTATION ON PERFORMANCE OF CONTRACT
PERFORMANCE OF CONTRACT.pptx (Size: 336.36 KB / Downloads: 45)
WHAT IS CONTRACT
Contract:- Sec.2(h) defines a contract is –”an agreement enforceable by law is a contract”.
An agreement between two or more parties for the doing something specified.
The written form of such an agreement.
The division of law dealing with contracts.
So contract = Agreement + Enforceability
A contract is an agreement entered into voluntarily by two parties or more with the intention of creating a legal obligation, which may have elements in writing, though contracts can be made orally.
ELEMENTS OF A CONTRACT
A party must have capacity to contract;
The purpose of the contract must be lawful;
The form of the contract must be legal;
The parties must intend to create a legal relationship;
The parties must consent.
PERFORMANCE OF CONTRACT
Performance of a contract means when the parties make the contract must fulfil their respective obligations. This fulfilment would be called the performance of the contract.
LIABILITY OF JOINT PROMISOR
Joint-promisor are jointly liable. (sec.42)
Joint-Promisors liable individually also.(sec.43)
Right to contribution among joint-promisors-(sec.43 para 2)
Sharing of all loss caused by a joint-promisor-(sec.43 para 3)
Release of one of the joint-promisors (sec.44)
PLACE OF PERFORMANCE:-
If the contract has specified the place at which the contract is to be performed by the promisor without application by the promisee, then, he must perform the promise at the proper place (sec.47)
If the promisor is not to perform without application from the promisee, the promisee must apply for the performance of the contract at the proper place (sec.48)
If no place has been fixed for the performance of the contract and the promisor is to perform it without application from the promisee, then, the promisor has to apply to the promisee to appoint a reasonable place for performance and then perform it at that.