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Merchantile law

Jagadish mishra (Lecture) (38 Points)

04 March 2015

What is performance of contract?

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Arpit Shah (Accountant) (21438 Points)
Replied 05 March 2015

Obligation of parties to contracts .– The parties to a: contract must either perform, or offer to perform, their respective promises, unless such performance' is dispensed with or excused under the provisions of this Act, or of any other law.

Promises bind the representatives of the promisors in case of the death of such promisors before performance, unless a contrary intention appears from the contract.

Illustrations

(a) A promises to deliver goods to B on a certain day on payment of Rs. 1,000. A dies before that day. A's representatives are bound to deliver the goods to B, and B is bound to pay the Rs. 1,000 to A's representatives.

(b) A promises to paint a picture for B by a certain day, at a certain price. A dies before the day. The contract cannot be enforced either by A's representatives or by B.