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19 lessons,
2h 26m
Discharge of a Contract & Succession and assignment
22 plays

Explanation of discharge of Contract. Happy Learning :)

Priyal Agrawal
CS Student, AIR 21 in CS foundation,love Teaching, reading, travelling, novels, fashion freak, watch the lessons to knw more

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  1. Indian contract act, 1872


  3. 5. Joint promisors: (Section 42) en two or more persons have made a joint promise, then unless a contrary intention appears by the contract, all such persons must jointly fulfill the promise. If any of them dies, his legal representatives must, jointly with the surviving promisors, ful II the promise. to 'D Here 'A, 'B' and 'C' must jointly perform the promise. If A' dies before performance, then his legal representatives must jointly with 'B' and 'C' perform the romise, and so on. And if all the three (i.e. 'A, 'B' and 'C) ie before performance, then the legal representatives of all must jointly perform the promise.

  4. SUCCESSION AND ASSIGNMENT In succession both benefit and burden travels together but the liabilities get crystallised when it reaches the value of the asset. However in assignment, benefits under the contract can be assigned without the consent of the other party and burden under the contract cannot be assigned without the onsent of other party.

  5. TIME AND PLACE FOR PERFORMANCE OF THE PROMISE (i) Time for performance of promise, where no application is to be made and no time is specified Where, by the contract, a promisor is to perform his promise without application by the promisee, and no time for performance is specified, the engagement must be performed within a reasonable time. (i) Time and place for performance of promise, where time is specified and no application to be made When a promise is to be performed on a certain day, and the promisor has undertaken to pefform it without application by the promise, the promisor may rform it at any time during the usual hours of business, on such y and the place at which the promise ought to be performed

  6. . (ii) Performance in manner or at time prescribed or sanctioned by promisee The performance of any promise may be made in any such manner, or at any time which the promisee prescribes or sanctions.

  7. DISCHARGE OF A CONTRACT (i) Discharge by performance: It takes place when the parties to the contract fulfill their obligations arising under the contract within the time and in the manner prescribed. Discharge by performance may be (1) Actual performance; or (2) Attempted performance. . Actual performance is said to have taken place, when each of the parties has done what he had agreed to do under the agreement. hen the promisor offers to perform his obligation, but the promisee refuses to accept the performance, it amounts to ttempted performance or tender.

  8. (ii) Discharge by mutual agreement: if the parties to a contract agree to substitute a new contract for it, or to rescind or remit or alter it, the original contract need not be performed. Example: A owes B 1,00,000. A enters into an agreement with B and mortgage his (A's), estates for 50,000 in place of the debt of 1,00,000. This is a new contract and extinguishes the old. (iily Discharge by impossibility of performance: The impossibility may exist from the very start. In that case, it ould be impossibility ab initio. Alternatively, it may upervene. Supervening impossibility may take place owing to:

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