BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Discharge of a Contract
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Breach of a Contract
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Rescission of a Contract
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Waiver of a Contract
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Detailed explanation-1: -If the promisor dies before performing the promise, then the legal representatives become responsible for the same. If the promise involves the utilization of personal skills or expertise, then the consideration ceases with the death of the promisor.
Detailed explanation-2: -For example 1: A, a singer made a contract with B to sing at the concert organised by B. but, while going for the concert, A met with an accident and unfortunately he died. In this situation, the contract gets discharged due to the death of the promisor, because it involves the personal skills of the promisor.
Detailed explanation-3: -Death-In case of contracts, which involve personal skill or ability, the contract is discharged or terminated on the death of the promisor. However, in other contracts, the rights and liabilities of a deceased person shall pass on to the legal representatives of the deceased person.
Detailed explanation-4: -Section 6 in The Indian Contract Act, 1872.
Detailed explanation-5: -Discharge of contract by breach of contract: Breach of contract is concerned with the termination of the original contract due to the failure of performing obligations by either or all of the parties, which discourages each of the other parties. It relates to void or terminating the original contract completely.