Breach of Contract

• Termination of contract by failure in

performance by one of the parties to
contract
• Breach of Contract:
1.Actual Breach
2.Anticipatory Breach
-Express
-Implied
Remedies for Breach of Contract
• Rescission(Sec 75)
• Suit for “Quantum Meruit” (Sec 65,70)
• Suit for Specific Performance
-Monetary Compensation : Inadequate
-Of personal nature: Contract to Marry
• Suit for Injunction
•Suit for Damages (Sec73)
 Suit for Damages:Monetary
Compensation
• Ordinary Damages
• Special Damages
• Exemplary or Vindictive Damages
• Nominal Damages
 Contract of Indemnity
• When one party promises to save the other
from the loss caused to him by the conduct
of the promisor himself or by the conduct of
any other person. (Sec 124)
• Promisor : Indemnifier
• Promisee : Indemnity Holder
 Contract of Guarantee
• To perform the promise or discharge the liability
of the third party.
• The person who gives guarantee:Surety
• The person who receives guarantee:Creditor
• The person for whose default guarantee is given:
Principal Debtor
• Existence of three contracts at a time
 Discharge of Surety from the
Liability
• Notice of Revocation (sec 130)
• Death of Surety (sec 131)
• Variance of terms of contract (sec 133)
• Release or discharge of Principal Debtor (sec 134)
• Arrangement by Creditor with principal debtor
without surety’s consent (sec 135)
• Creditor’s act impairing surety’s eventual
eventual remedy.( sec 139)
 Contd..
• Loss of security (sec 141)
• Invalidation of the contract of guarantee(sec
142 & 143)