Ishan Anand Pandey, Kirit P. Mehta School of Law, NMIMS
ABSTRACT
The primary purpose of this research work is to analyse and study the obligation of parties to a contract to perform their promises. The author also discusses and highlights the concept of parties to a contract along with analysing the concept of duties of representatives. Towards the end of the paper, the author also analyses the clause of renewal.
The research methodology adopted for this paper is the Doctrinal Methodology of research. All sources were mainly collected through the internet and research databases. No primary data was used for the study.
The findings of the paper suggest that a contractual obligation placed on the parties as a result of their agreement can thus be enforced either expressly or by awarding the obligee damages that are more or less stipulated in the contract. The contractual parties' obligation is acquired by signing on for particular specific promises. It must be a collection of rights and obligations that are willingly provided. As a result, it is evident that a contractual obligation's legality is founded on the parties' voluntary acceptance of a morally binding promise. Because the contract is legally recognised and enforced, contractual obligation gives the moral duty legal effect and validity.
Keywords: Obligation, contractual, agreements, contracts, parties.
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