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.

Samacheer Kalvi 11th Commerce Notes