Sale of agreement

anand (Querist) 07 September 2013 This query is : Resolved
Sir,

I entered a sale of agreement with a buyer. In that it was mentioned that in 44 days, the buyer will complete the entire payment. The buyer deposited the cheque only on the 44th day and it was cleared on the 45th day, which is one more day as listed on the contract. Therefore is this part of the law, does this mean he has fulfilled the contract terms even though the payment was reflected in my account on the 45th day ?.

Just after the contract period was over, we got into a dispute and I transferred back part of the advance amount received from the buyer. This was orally acknowledged by him. The transaction was done via bank via RTGS. Therefore the ambiguity here is, the buyer claims he has made all the payment as per the contract, but as mentioned above the reality is, he still owes us the transferred money mentioned above. What can we do here ?.

Need your help.

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Advocate Sastry (Expert) 07 September 2013
Better to contact a local Advocate with all papers

Dr J C Vashista (Expert) 08 September 2013
Amicable settlement with the vendee is the best possible way-out to your querry.
However, you cannot be compelled to perform part of your contractual obligation after elapse of the agreed period of 44 days.

Rajendra K Goyal (Expert) 08 September 2013
If the cheque would have been bounces the payment would have not be on due date. Once you have accepted the cheque on 44 th day, and the cheque is not returned on presentation it is payment on the date when the cheque was received by you. You should have refused to accept the cheque on 44 th day.

There was no demand of advance money from the prospective purchaser. You have effected the payment through RTGS at your will. The proof of payment exist but why it was made is not acknowledged and was without demand and was voluntirily.

Under the given facts all from your side is not well rather on back foot till from the agreement to sale some other clause come out, which is in your absolute favor.

As suggested by the expert, you can try for amicable settlement.

Also contact a local lawyer for legal scrutiny of all the documents to find out favorable clauses.

Guest (Expert) 08 September 2013
Payment by a valid cheque on or before the due date of agreement is a valid payment. Date of credit of amount to your account on clearance by bank has no relevance for the purpose of honour of agreement unless specified in the agreement about the date of credit of the cheque amount in to the account. So payment has to be treated to have been made on 44th day.

The buyer is correct in his statement that he made the whole amount. Remittance back by you is a separate matter, which cannot be treated as covered by the agreement.

Now you can request him, either to acknowledge in writing the receipt of amount back or remit back to your account the amount received through RTGS.

IN FACT YOU NEED TO GET THE MATTER SETTLED TACTICALLY.