4/19/2017 Performance of Contract | Meaning | Types of Performance http://accountlearning.com/performanceofcontractmeaningtypesofperformance/ 1/4 Introduction A contract places a legal obligation upon the contracting parties to perform their mutual promises, and it carries on until the discharge or termination of the contract. The most natural and usual mode of discharging a contract is to perform it. A person who performs a contract in accordance with its terms is discharged from any further obligations. As a rule, such performance entitles him to receive the other party’s performance. Exact and complete performance by both the parties puts an end to the contract. In expecting exact performance, the courts mean that, performance must match contractual obligations. In requiring a contract to be complete, the law is merely saying that any work undertaken must be carried out to the end of the obligations. A contract should be performed at the time specified and at the place agreed upon. When this has been accomplished, the parties are discharged automatically and the contract is discharged eventually. There are, however, many other ways in which a discharge may be brought about. For example, it may result from an excuse for non performance. In certain cases attempted performance may also operate as a substitute for actual performance, and can result in complete discharge of the contract. Image: Performance of contract and types 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. The contract is said to have been discharged by mutual performance.  Home  Management  Business Management  Performance of Contract | Meaning | Types of Performance Performance of Contract | Meaning | Types of Performance  Business Management, Finance THE C++ PROGRAMMING BJARNE STROUSTRUP Rs. 3,127.65 (details + delivery) LET US C++ PAPERBACK Rs. 268.66 (details + delivery) OBJECT ORIENTED … Rs. 306.00 (details + delivery) Search the site Next » Recent Rupee Cost Average | Applicability | Advantages | Limitations 3 Types of Formula Plans in Portfolio Revision Formula Plans in Portfolio Revision | Meaning | Advantages | Disadvantages Differences between Fundamental Analysis and Technical Analysis Importance or Advantages of Insurance to Society Next » Popular Advantages and Disadvantages of Sampling Simple random sampling | Definition | Advantages & Disadvantages Role of financial system in economic development of a country Non Probability Sampling | Methods | Advantages & Disadvantages Advantages and Disadvantages of Online Shopping   HOME FINANCE  BUSINESS  MANAGEMENT  MARKETING  PLANNING  ACCOUNTING  AUDITING  CALCULATORS 