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.
Tags : Business Environment and Law-Performance And Discharge Of Contracts
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