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    Discharge of Contract

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    Saad Shaikh
    The document discusses various ways in which a contract can be discharged or ended. It outlines 6 main ways: 1) by performance, where both parties fulfill their obligations, 2) by supervening impossibility, such as destruction of the subject matter, 3) by mutual agreement between the parties, 4) by operation of law due to events like death or insolvency, 5) by breach of contract where one party fails to meet their duties, and 6) by lapse of time if the statute of limitations expires. Discharge of contract refers to when the legal obligations between the parties to a contract are terminated and the contractual relationship concludes.

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    Download as PPTX, PDF, TXT or read online from Scribd

    Discharge of Contract

    Uploaded by

    Saad Shaikh
    347 views10 pages
    The document discusses various ways in which a contract can be discharged or ended. It outlines 6 main ways: 1) by performance, where both parties fulfill their obligations, 2) by supervening impossibility, such as destruction of the subject matter, 3) by mutual agreement between the parties, 4) by operation of law due to events like death or insolvency, 5) by breach of contract where one party fails to meet their duties, and 6) by lapse of time if the statute of limitations expires. Discharge of contract refers to when the legal obligations between the parties to a contract are terminated and the contractual relationship concludes.

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    The document discusses various ways in which a contract can be discharged or ended. It outlines 6 main ways: 1) by performance, where both parties fulfill their obligations, 2) by supervening impossibility, such as destruction of the subject matter, 3) by mutual agreement between the parties, 4) by operation of law due to events like death or insolvency, 5) by breach of contract where one party fails to meet their duties, and 6) by lapse of time if the statute of limitations expires. Discharge of contract refers to when the legal obligations between the parties to a contract are terminated and the contractual relationship concludes.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    347 views10 pages

    Discharge of Contract

    Uploaded by

    Saad Shaikh
    The document discusses various ways in which a contract can be discharged or ended. It outlines 6 main ways: 1) by performance, where both parties fulfill their obligations, 2) by supervening impossibility, such as destruction of the subject matter, 3) by mutual agreement between the parties, 4) by operation of law due to events like death or insolvency, 5) by breach of contract where one party fails to meet their duties, and 6) by lapse of time if the statute of limitations expires. Discharge of contract refers to when the legal obligations between the parties to a contract are terminated and the contractual relationship concludes.

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    DISCHARGE OF CONTRACT

    SA’AD SHAIKH
    MEANING

    • The contractual relationship come to an end


    when the rights and obligations arising out of
    such a relationship are extinguished.
    • When these contractual relations comes to an
    end, it is called “Discharge of Contract”.
    • A contract maybe discharged in a number of
    ways.
    WAYS OF DISCHARGE OF
    CONTRACT
    • BY PERFORMANCE
    • BY SUPERVENING (SUBSEQUENT)
    IMPOSSIBILITY (SECTION 56)
    • BY MUTUAL AGREEMENT (SECTION 62)
    • BY OPERATION OF LAW
    • BY BREACH OF CONTRACT
    • BY LAPSE OF TIME
    BY PERFORMANCE

    • This is the desirable mode of discharge of contract.


    • Here, the parties have fulfilled their obligations and
    thus the contractual relations come to an end.
    • A contract can be discharged under this in two ways:
    • Actual Performance
    • Attempted Performance (tender of performance)
    BY SUPERVENING (SUBSEQUENT)
    IMPOSSIBILITY (SECTION 56)
    • Sometimes the performance of a contract may become
    impossible subsequent to the formation of a contract.
    • This is called subsequent of supervening impossible. This
    results in discharge of contract. Under Section 56, a
    contract is discharged for the following reasons:
    • Destruction of subject matter
    • Death of incapacity of party
    • Change of law
    • The foundation of the contract ceases to exist
    • Declaration of war
    BY MUTUAL AGREEMENT
    (SECTION 62)
    • A contract is created by the parties to it, and hence,
    it can be terminated by the mutual disagreement
    between the parties. These are the ways by which a
    contract can be discharged under mutual agreement:
    • Novation
    • Alteration
    • Recission (Section 64)
    • Remission (Section 63)
    • Waiver
    BY OPERATION OF LAW
    • A contract comes to an end by
    operation of law in the following
    circumstances:
    • Death
    • Insolvency
    • Merger
    • Unauthorized material alternation
    BY BREACH OF CONTRACT
    • The breach of contract brings to an end
    the obligations created by a contract on
    the part of each of the parties. The
    agreed party in this case gets the right to
    rescind the contract. Therefore, such a
    breach leads to discharging of the
    contract. A breach of contract can be
    further classified into two ways:
    • Actual breach of contract
    • Anticipatory breach of contract
    BY LAPSE OF TIME
    • The Indian Limitation Act provides
    the time within which an aggrieved
    person can file a suit in the court of
    law for the enforcement of his legal
    rights arising out of contract.
    • If the period of limitation expires
    according to the Indian Limitation
    Act, the promisee cannot enforce
    the promisor and the contract is
    discharged.
    THANK YOU

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