Section 62 states the Effect of novation, rescission and alteration of contract.- If the parties to a contract agree to substitute a new contract for it, or to rescind or alter it, the original contract need not be performed.
Promisee may dispense with or remit performance of promise (Section 63) Every promisee may dispense with or remit, wholly or in part, the performance of the promise made to him, or may extend the time for such performance, 3 or may accept instead of it any satisfaction which he thinks fit.
Consequences of rescission of voidable contract (Section 64) When a person at whose option a contract is voidable rescinds it, the other party thereto need not perform any promise therein contained in which he is promisor. The party rescinding a voidable contract shall, if he has received any benefit thereunder from another party to such contract, restore such benefit, so far as may be, to the person from whom it was received.
Obligation of person who has received advantage under void agreement or contract that becomes void (Section 65) When an agreement is discovered to be void, or when a contract becomes void, any person who has received any advantage under such agreement or contract is bound to restore it, or to make compensation for it, to the person from whom he received it.
Mode of communicating or revoking rescission of a voidable contract (Section 66) The rescission of a voidable contract may be communicated or revoked in the same manner, and subject to the same rules, as apply to the communication or revocation of a proposal.
Effect of neglect of promisee to afford promisor reasonable facilities for performance (Section 66) If any promisee neglects or refuses to afford the promisor reasonable facilities for the performance of his promise, the promisor is excused by such neglect or refusal as to any non-performance caused thereby.
This was all-important about the performance of a contract. Let us now learn about the modes of a discharge of a contract.
Promisee may dispense with or remit performance of promise (Section 63) Every promisee may dispense with or remit, wholly or in part, the performance of the promise made to him, or may extend the time for such performance, 3 or may accept instead of it any satisfaction which he thinks fit.
Consequences of rescission of voidable contract (Section 64) When a person at whose option a contract is voidable rescinds it, the other party thereto need not perform any promise therein contained in which he is promisor. The party rescinding a voidable contract shall, if he has received any benefit thereunder from another party to such contract, restore such benefit, so far as may be, to the person from whom it was received.
Obligation of person who has received advantage under void agreement or contract that becomes void (Section 65) When an agreement is discovered to be void, or when a contract becomes void, any person who has received any advantage under such agreement or contract is bound to restore it, or to make compensation for it, to the person from whom he received it.
Mode of communicating or revoking rescission of a voidable contract (Section 66) The rescission of a voidable contract may be communicated or revoked in the same manner, and subject to the same rules, as apply to the communication or revocation of a proposal.
Effect of neglect of promisee to afford promisor reasonable facilities for performance (Section 66) If any promisee neglects or refuses to afford the promisor reasonable facilities for the performance of his promise, the promisor is excused by such neglect or refusal as to any non-performance caused thereby.
This was all-important about the performance of a contract. Let us now learn about the modes of a discharge of a contract.
Which Contracts Need Not be Performed ?
![Which Contracts Need Not be Performed ?]()
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