Promisee may waive or remit performance of promise: Section 63 -
“Every promisee may dispense with or remit, wholly or in part, the performance of the promise made to him, or may extend the time for such performance or may accept instead of it any satisfaction which he thinks fit”. In other words, a contract may be discharged by remission.
Example: A owes B `5,00,000. A pays to B, and B accepts, in satisfaction of the whole debt, ` 2,00,000 paid at the time and place at which the ` 5,00,000 were payable. The whole debt is discharged.
Example: A owes B `5,00,000. A pays to B, and B accepts, in satisfaction of the whole debt, ` 2,00,000 paid at the time and place at which the ` 5,00,000 were payable. The whole debt is discharged.
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