Tamilnadu Samacheer Kalvi 11th Commerce Notes Chapter 31 Discharge and Breach of a Contract Notes
→ Discharge of contract implies termination of the contractual relationship between the parties.
→ Different modes of discharge of contract have been provided under different sections of the Act.
→ Agreement between the parties comes to an end by mutually agreeing for it.
→ Express consent may be given at the time of formation of the contract or subsequent to its formation.
→ A contract may be discharged if its performance becomes impossible.
→ According to the Limitation Act, 1963 a contract must be performed within a specified time.
→ If the contracts depend on the personal skill or ability, then such contract may be discharged on the death of the promisor.
→ In case of breach of contract by one party, then the other parties may rescind the contract and thereby the party is absolved from his all obligations under the contract.
→ When it is probable that compensation in money cannot be received for the non- performance of the act agreed to be done.
→ The contract made by a company ultra-vires of its Memorandum of Association
→ Injunction is an order passed by a competent court restraining a person from doing some act.
→ Injunction can be defined as a mode of securing the specific performance of the negative terms of a contract.
→ The meaning of the phrase quantum merit is‘as much’as earned’.
→ The main purpose of awarding the damages is to make good the loss suffered by him. It is known as doctrine of restitution.