Preamblewhereas it is expedient to define and amend certain parts of the law relating to contracts. If the promisor fails to perform and the promisee fails to take action within this specified period, then the latter cannot seek remedy through law. A contract is said to be discharged when it ceases to operate, i. Show all sections the indian contract act, 1872 preliminary. In other words, we can say that a contract is anything that is an agreement and enforceable by the law of the land. View the latest business news about the worlds top companies, and explore articles on global markets, finance, tech, and the innovations driving us forward. It discharges the contract due to the lapse of time. Of the performance of contracts contracts which must be performed. The limitation act, 1963 prescribes a specified period for performance of a contract.
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