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Presented to Respected Sir, Prof, Amir Faheem Presented By Mohsin Abbas Usman Ali Manzoor Abubakar Sadeeq Abid Farooq 11309 11315 11361 11338 Performance of contract Performance is actually completing the deal according to the terms given in the contract. Promisor Promise Joint Performance Join performance is same as performance but in this performance, more than one persons/parties are involves in one side or in both sides for performance of contract. • By Performance • By Agreement • Subsequent Impossibility Discharge of contract • Laps of time • Operation of law • Breach of contract Remedies of Breach of contract Suit for recession Suit for damages Suit for quantum merit Remedies of Breach of contract Suit for specific performance Suit for injunction Indemnity “A contract by which one party promises to save the other party from loss caused to him by the conduct of Promisor himself or by the conduct of other person” Parties of indemnity Indemnifier Indemnity holder GUARANTEE Guarantee “A contract of guarantee is contract to perform the promise or discharge the liability of third person in case of his default.” Parties of Guarantee Surety Creditor Principal debtor BAILMENT Bailment “A bailment is the delivery of goods by one person to another for some purpose, upon a contract that the shell be, when the purpose is accomplished be returned or otherwise dispose of according to the person delivering them.” PARTIES TO BAILMENT There are two parties in the contract of bailment: Bailor: The person who delivers the goods is called bailor. Bailee: The person to whom the goods are delivered is called bailee. Pledge Pledge “The bailment of goods as security for the payment of debt or performance of a promise is called pledge” Parties of Pledge Pledger Pledgee Agency Agency The contract of relationship between an agent and his principal is called agency. Agent An agent is a person employed to an act for another or to represent another in dealing with third party Principal The person on whom such an act is done or who is so represented is called principal Partnership Partnership “Partnership is an association of two to twenty people who carry on business together for the purpose of making profit” Registration Name of business, partner names, and place etc Partnership deed/agreement Fee Paid challan CNIC of partners and other relevant persons Characteristics Large Capital: Better decisions Loan Facility Division of Risk: Characteristics Borrowing Power: Unlimited Liability: Skills: Easy Formation Dissolution Of Partnership The dissolution of partnership between all the partners of a firm is called the "dissolution of the firm" Dissolution Of Partnership By agreement By notice Compulsory Unlawful Insolvency Dissolution Of Partnership Contingent Insolvency Death of partner Expiry of period Competition of work Dissolution by court Breach of agreement Unsound mind Unable to perform duty Misconduct Transfer of share Regular losses Division of assets/liabilities on dissolution of partnership Pay outsider loans Pay insider loans Divide assets liabilities according to capital ratio Remaining surplus after paying capital, divide according to profit ratio Thank You