BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The fulfillment of contractual promises as agreed. A notification given by a defaulting party prior to initiation of performance that he or she is not going to perform. The intentional and explicit giving up of a contractual right. A ready, willing, and able offer to perform contractual obligations.

Detailed explanation-2: -OF THE PERFORMANCE OF CONTRACTS. Contracts which must be performed. Obligation of parties to contracts. 37. The parties to a contract must either perform, or offer to perform, their respective promises, unless such performance is dispensed with or excused under the provisions of this Act, or of any other law.

Detailed explanation-3: -performance, in law, act of doing that which is required by a contract. The effect of successful performance is to discharge the person bound to do the act from any future contractual liability. Each party to the contract is bound to perform promises according to the stipulated terms.

Detailed explanation-4: -Performance of a contract relieves a person from further duties under the contract. There are three levels of performance: Complete Performance, Substantial Performance, and Breach.

Detailed explanation-5: -What is Performance of Contract? The term ‘Performance of contract’ means that both, the promisor, and the promisee have fulfilled their respective obligations, which the contract placed upon them. For instance, A visits a stationery shop to buy a calculator. The shopkeeper delivers the calculator and A pays the price.