![]() However, impossibility of performing the contract may also arise later due to:ĭestruction of subject-matter of the contract If the impossibility of performing the contract exists from the start, then it is termed as impossibility by ab-initio. If it is impossible for any of the parties entered in the contract to perform their obligations, then the impossibility of performance of contract leads to discharge of contract. When one party deliberately abandons his right under the contract, the other party is released of his obligations, else binding upon it. The term waiver means abandonment of rights. If the parties entered into the contract, mutually agreed to do so, then in such case the respective contractual agreement of the parties gets terminated. The term recession refers to cancellation of all or some of the material terms of the contract. According to the section 63, every promise may:Īccept any other satisfaction rather than performance ![]() This means the acceptance by the promisee of a lesser sum than what was mentioned in the contract, or a lesser fulfillment of the promise made. Alteration leads to formation of new contracts but the parties to it remain the same. This refers to change in one or more terms of a contract with the consent of all the parties entered in the contract. Moreover, the second party must be capable of enforcement of law, the consideration for which is the exchange of promise not to carry out the original contract. For a contract to be valid and effective, the consent of all the parties including the new one if any is necessary. The new agreement may be with the same parties or with the new parties. The term novation means the substitution of the new contract by the original one. When the promisor agrees to perform the contract but the promisee refuses to accept the performance, then in such case, it is termed as discharge of contract by attempted performance or tender. Majority of the contracts are discharged by performance in this manner.Īttempted performance is only an offer to perform the obligation under the contract. Performance should be complete and precise according to the terms of the agreement. When both the parties perform their performance, then the contract is said to be discharged. Such a party gets the right of action against the other party who is guilty. But if only one of the party performs, he alone is discharged. In such a case, parties are discharged and contracts come to an end. Discharge of performance occurs when the parties to the contract fulfill their obligations set out under the contract within the specified time and in the manner prescribed. ![]() Performing means doing all those things which are required by a contract. Let us understand the discharge of contract methods in brief In this article, we will discuss the different methods of discĪ contract is said to be discharged using the following methods:ĭischarge by Impossibility of Performance Also there are different methods through which contracts can be discharged. A contract can be discharged if the parties mutually agree to terminate the contract. when the rights and obligations created by the parties came to an end. A contract is said to have been discharged when it ceases to operate i.e. The term discharge of contract means ending of the contractual relationship between the parties.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |