A contract is an Agreement which is enforceable by law. Consideration is one of the essential element of a valid Contract. From every Contract there directly and immediately results an obligation on each of the contracting part towards the other to perform such of the terms of the contract as he has undertaken to perform. If the person on whom contractual obligation rests, fails to discharge it, other other party has right either to insist on a literal and actual performance of the contract or to obtain compensation for the non performance of it it. is called specific performance

 Definition of Specific Performance :    

               According to Halsbury Specific performance is and equitable relief given by the court in case of breach of contract in the forms of a judgement that the dependent do actually perform the contract according to its terms and stipulations.
     

Who may obtain specific performance

According to Section 15 of the Specific Relief Act 1963, the specific performance of a contract may be obtained by-

(a) Any party thereto

(b) The representative in interest or the principal, of any party thereto:

          Provided that where the learning, skill, solvency or any personal quality of such party is a material ingredient in the contract, or where the contract provides that his interest shall not be assigned, his representative in interest or his principal shall not be entitled to specific performance of the contract, unless such party has already performed his part of the contract, or the performance thereof by his representative in interest, or his principal, has been accepted by the other party,

(c) Where the contract is a settlement on marriage, or a compromise of doubtful rights between members of the same family, any person beneficially entitled thereunder;


(d) Where the contract has been entered into by a tenant for life in due exercise of a power, the remainderman;

(e) Reversioner in possession, where the agreement is a covenant entered into with his predecessor in title and the reversioner is entitled to the benefit of such covenant;

(f) A reversioner in reminder, where the agreement is such a covenant, and the reversioner are entitled to the benefit thereof and will sustain material injury by reason of its breach;


(g) When a company has entered into a contract and subsequently becomes amalgamated with another company, the new company that arises out of the amalgamation;


 (h) When the promoters of a company have, before its incorporation, entered into a contract for the purposes of the company, and such contract is warranted by the terms of the incorporation, the company: Provided that the company has accepted the contract and has communicated such acceptance to the other party to the contract.




0 comments:

Post a comment

See Also..