Difference between Rectification and Cancellation: Hello everyone, in this article you can learn the difference between Rectification and Cancellation. In this article, we briefly discuss the difference between rectification and cancellation
Rectification
1. When the contract made by the fraud or mutual mistake of the parties and that contract written documents or instruments doesn’t express the real intention of the parties and on that matter each of one or both parties applies to court for rectifying the contract and the court found that the contract is made by fraud or mutual mistake of the parties and on that contract instruments doesn’t express the real intention of the parties, the court has given a decree to rectification the contract.
If any third party lawfully involved with the contract and acquired anything with consideration, then the court gives a decree without prejudice the rights acquired by third persons in good faith and for value.
2. The Specific Relief Act section 31 to 34 is talking about the Rectification of the contract.
3. Rectification of contract subsists after the contract rectified.
4. Rectification of contract is rectified on mutual consents of between the parties. And if they are wanted to rectify the contract on the court they can do so.
5. In the case of rectification, its only rectifies the instruments or documents of the contract. There is no way to hand over the documents to the plaintiff or court like cancellation.
6. Rectification of the contract is void or voidable. If any party doesn’t want to cancel the contract, they are wanted to continue the contract and in this matter, the parties rectified the instruments or documents. Then it’s called rectification of contract.
Cancellation
1. Any parties who make a contract, that contract is void or voidable and if the personal realization that, the instrument or documents of contract can injure him or her in future and he or she has reasonable cause and proof to that matter, then the court give a decree to cancel the contract.
2. Specific Relief Act 1877 section 39 to 41 are talking about the cancellation of the contract.
3. Cancellation of a contract means to cancel the contract. Cancellation applies to end the contract by demolishing its validity, effectiveness.
4. Cancellation of the contract makes the other party free from his or her unperformed obligation to a contract.
5. If the contract is void or voidable and the party realize that the instrument of contract can injure him or her on future and the party profit that matter on a court, then the court gives a decree to dependent to handover the all contract instrument or documents to the court or plaintiff. In the case of Rectification, there is no such remedy like this. This remedy is only provided on Cancellation of contract.
6. If any contract is void or voidable. And contract parties are not interested to continue the contract, and one of the party want to cancel the contract, then the contract has become cancellation of the contract.
We hope that you understand the whole concept of Difference between Rectification and Cancellation.
We hope that you understand the whole concept of Difference between Rectification and Cancellation.
0 comments: