PowerPoint Presentation

INDIAN CONRACT ACT, 1872MODULE-IV12Module-IVPerformance of Contracts: MeaningBy whom contracts must be performedWhen Contracts need not be performedDevolution of Joint Rights and LiabilitiesTime and Place for PerformanceTime is the essence of the ContractAppropriation of Payments Assignment of Contracts

Certain Relations resembling those created by Contract (Quasi Contract)

MODULE-1 312. Performance of ContractMeaning

Offer to perform Tender

Requisites of a valid tender:

It must be unconditionalTender must be at a proper time and placeTender must be by a person ready, able and willing to performTenderer must give reasonable opportunity for inspectionTender to one is tender to all

Module-IVBy whom contracts must be performedPersonal performance (Ex: Personal Skill-Dancer, Singer)Performance by representatives (Ex: Principal and Agent)Performance by third persons (Ex: Personal Skill Not Involved-Loading)Death of the Promisor (Ex: Decided on the basis of Skill and No Skill)

4MODULE-1 5When contracts need not be performed NovationAlterationRescissionRemissionWaiverVoidable Contract

Devolution of Joint Rights and Liabilities Devolution of Joint LiabilitiesAny one of joint promisors may compel to performMODULE-1 6Time and Place of Performance (Ex: Delivery 8 AM; Godown)

Time is the essence of the Contract (Ex: Delivery before 7 AM-Workers)

Appropriation of Payments (Ex: Debt-Principal and Interest)

Assignment of Contracts a) By act of parties (Ex: Creditor transfers P. Note to his brother)b) By Operation of law (Ex: Father purchases house but dies-Mother can get the property from Seller through Court)

MODULE-1 7 13. Certain Relations resembling those created Contract(Quasi Contracts)MeaningRulesNecessaries supplied to persons incapable of contracting (minors etc.)Reimbursement of person paying money due to anotherObligation of persons enjoying benefit of non-gratuitous actResponsibilities of finder of goodsLiability of persons to whom money is paid or thing delivered, by mistake or under coercion