IIMT Group of Colleges established in the year 1994.
Since its inception, the group has grown leaps & bounds and achieved exemplary recognition from the Industry & Academia. At IIMT, we are committed to provide a value driven culture along with creating a professional environment. IIMT as a group, large and diversified, imparts knowledge in the field of Engineering, Management, Education, Law, Pharmacy, etc.
To get admissions by submitting your contact details below!
Before understanding the concept of Remission of Contract first let us know the meaning of two words remission and contract. Remission has derived from the Latin word Remittere which means “Send back or Restore” and the word contract has derived from Latin word contractum which means “To Bring together or to Bring about”. The word contract has been defined under section 2(h) of The Indian Contract Act 1872 as “An agreement enforceable by law”. A contract binds the parties to the agreement with obligations and these obligations cease to operate when contract is discharged. Remission is one of the ways to discharge the contract. When the contractual relationship of the parties in the contract ends then contract is said to be discharged thus when contract ceases to operate it is known as discharge of contract. When promisee discharges the promisor from all his obligations by accepting lesser amount or lesser degree of performance of the promise is known as discharge of contract by Remission. It is covered under section 63 of Indian Contract Act. As per Section 63, the promise is empowered to remit or dispense with the performance of contract. The remission can be done wholly or partly even at the desire of promise the time can be extended thus it is clear that promise can accept any degree of satisfaction of the contract as he/she thinks fit. There are certain essential elements of section 63-
Acceptance of Either of the above mentioned essential elements by the promisee shall discharges the promisor from his entire obligation. This is based on doctrine of Promissory of Estoppel, it has similar essence bit it differs significantly from Novation as provided under section 62 of Indian Contract Act 1872 and the principle of ‘Accord and Satisfaction’.