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Business Environment and Law-Performance And Discharge Of Contracts

By Operation Of Law- Performance And Discharge Of Contracts

   Posted On :  07.05.2018 11:18 pm

This covers the following cases: 1. Death: If a contract involves personal skill or ability, death of the promisor would terminate the contract.

By Operation Of Law
 
 
This covers the following cases: 1. Death: If a contract involves personal skill or ability, death of the promisor would terminate the contract. 2. Insolvency: When a person is adjudged insolvent and hands over all his property to the official receiver/assignee, he is supposed to have the right to earn his livelihood in the ordinary way and therefore the courts, under certain circumstances and subject to certain conditions, discharge him from all debts which were payable in insolvency but remain unpaid. He does not remain liable to pay those debts. 3. Merger: 4. Material alteration: A change which affects or alters, in a specific manner, the rights and liabilities of the parties is called material alteration. A material alteration made in a written document or contract by one party without the consent of the other, will make the contract void, e.g. An endorsee of a promissory note/ altering the amount of note.

 

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