Tamilnadu Samacheer Kalvi 11th Commerce Notes Chapter 30 Performance of Contract Notes
→ When the party has done what he had undertaken to do, it is called actual performance.
→ When the party offers to perform his obligation, it is not accepted by the promisee. So, it is also called offer to performance or tender.
→ According to Para 2 of Section 40, the promisor may employ a competent person such as agent to perform the promise, if the contract is not formed on personal condition.
→ A contract which involves the use of personal skill or it is found on personal considerations, comes to an end if the promisor dies.
→ According to Section 41, if a promisee accepts the performance of the promise by a third person he cannot afterwards enforce it against the promisor.
→ Various legal provisions are laid down under Section 46 to 50 regarding the time, place and manner of performance of a contract.
→ Under Section 48, performance on a certain day: If the promise is to be performed on a certain day the promisor may undertake to perform it after the application by the promisee to that effect.
→ Promises which form consideration or part of consideration for each other are called ‘reciprocal promise’.
→ Where the two promises are said to be performed simultaneously, they are said to be mutual and concurrent.
→ If section 60’is attracted, the creditor shall have the discretion to apply such payment for any lawful debt which is due to him from the person making the payment.