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16 Cards in this Set
- Front
- Back
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________ takes place when the parties to a contract fulfill their obligations arising under the contract within the time and in the manner prescribed. Performance may be actual performance or attempted performance.
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Discharge By Performance
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________ is when contract comes into existence by an agreement and it may be discharged also by an agreement.
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Discharge By Consent
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________ takes place when the parties to a contract agree that they shall no longer be bound by the contract. For eg. A an actor promised to make a guest performance in the film made by B. Later B forbids A from making the guest appearance. B is discharged of his obligation.
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Discharge By Waiver
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________ of a contract takes place when all or some of the terms of the contract are cancelled. It may occur by mutual consent or where one party fails in the performance of his obligations, the other party may rescind the contract.
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Discharge By Rescission
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________ of a contract may take place when one or more of the terms of the contract is/are altered by mutual consent of the parties to the contract.
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Discharge By Alteration
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________ means acceptance of a lesser fulfillment of the promise made in the original contract.
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Discharge By Remission
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________ of a lesser sum than what was contracted for, in discharge of the whole of the debt.
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Discharge By Acceptance
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________ takes place when an inferior right accruing to a party under a contract merges into a superior right accruing to the same party under the same or some other contract.
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Discharge By Merger
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________ , it a contract contains an undertaking that is unattainable, it is void from the beginning.
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Discharge By Impossibility of Performance
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if performance of the contrast is existing at the time formation of the contract – This is know as________ .
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Discharge By Pre-Contractual Impossibility
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________ is based on the Limitation Act, 1963 lays down certain specified periods within which different contracts are to be performed and be enforceable. If a party to a contract does not perform, action can be taken only within the time specified by the Act. Failing which the contract is terminated by lapse of time.
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Discharge By Lapse of Time
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________ is when a contract may be discharged independently of the wished of the parties i.e. by operation of law.
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Discharge By Operation of Law
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________ is when a contract involving personal skill or ability, the contract is terminated on the death of the promisor. In other contracts the rights and liabilities of a deceased person pass on to the legal representatives of the deceased person.
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Discharge By Death
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________ is when a person is declared bankruptcy, he is discharged from all liabilities incurred prior to such declaration.
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Discharge By Insolvency
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________ is when the terms of a written agreement – Any material alteration made by a party to the contract, without the prior permission of the other party, the innocent party is discharged.
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Discharge By Unauthorized Material Alteration
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________ happens when the same person has both the rights and liabilities under a contract.
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Discharge By Rights and Liabilities
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