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PERFORMANCE OF CONTRACTS.pptx - PERFORMANCE OF CONTRACTS...

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PERFORMANCE OFCONTRACTSWeek2Business EthicsWeek5Professional Ethics & Legal Issues
Performance of Contractmeans the fulfillment of legal obligations createdunder the contract by both the promisor and the promise.When a Contract is duly performed by both the parties to the contract, thecontract comes to an end.The various rules regarding the performance of contracts are as under:Week2Business EthicsWeek5Professional Ethics & Legal Issues
PERFORMANCE OF A SINGLEPROMISEWHO CAN DEMAND PERFORMANCE?It is only the promise who can demand performance of the contract. There is a rulethat a person cannot acquire right under a contract to which he is not a party. A thirdparty cannot demand performance of the contract even though it was made for hisbenefit. In case of death of the promise, his legal representatives can demandperformance.A promises B to pay C a sum of Rs.1000. The person who can demand performance is B and not C.In case of death of the promise, his legal representatives can demand performance.A draws a cheque for Rs.100 in favour of C the banker makes a mistake regarding A’s balance andrefuses payment. Bank is liable to A ad not to C because C is not a party to contract.Week2Business EthicsWeek5Professional Ethics & Legal Issues
Who May Perform?1.THE PROMISOR HIMSELFAs a general rule, a contract may be performed by the promisor, eitherpersonally or through any other competent person.But in case of contract involving personal skill, taste or diligence e.g. a contractto paint a picture a contract of agency or of service; the promisor himself mustperform the contract of agency or of service; the promisor himself mustperform the contact. In case of death or disablement of a promisor, a contractwill be discharged and the other party would be freed form liability.

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Term
Spring
Professor
NoProfessor
Tags
Law, Performing Arts, Summation, Grammatical person

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