The word ‘contingent’ means to be dependent or conditioned by some other event or fact. The contingent contract thus means a contract in which the enforceability of promise is conditional depending upon the occurrence of an event. According to Section 31 of the Indian Contract Act, 1872, ‘A contingent contract is a contract to do…
Introduction Agreements have become an inseparable part of our daily lives today; we enter some or the other kind of agreement almost every day. It would not be wrong to say thereby that agreements play an immense role in governing our daily intercourse. It would be a mistake for someone to assume however, that all…
Introduction Just about every transaction that we enter into on a day-to-day basis is predicated on a contract. To exemplify, when we purchase a ticket to spectate a motion picture or a sporting event or purchase groceries from a grocer, we enter into a contract. However, a legal fact that is often disregarded is that…
Introduction The domain of specific performance of contracts in India is principally governed by the Specific Relief Act, 1963 (hereinafter “enactment” or “the Act”). This enactment provides for the various remedies that can be granted by the court with a view to ensure the enforcement of contractual rights. Specific relief pursuant to the enactment is…
Under Section 10 certain conditions have been stated to make an agreement a contract; one of which is that parties should be ‘competent’ to contract. As per Section 11 of the Indian Contract Act, the parties who fulfil the following conditions are capable of entering into a contract: The parties are of the age of…
Contracts are very common in our daily life. People are always engaged in contracts even if they are not realising it. Buying goods and services, paying for bus tickets, installing an app on your phone, everywhere there is a contract, but we are not realising it. According to the Indian Contract Act 1872 a contract…
Section 182 of the Contract Act defines the term “Agent” and “Principal” as “An agent is a person employed to do any act for another or to represent another in dealing with another person. The person for whom such act is done, or who is so represented, is called the “principal”. In an agency one…
Employee turnover is a serious problem with regarding to industry. Employee turnover is defined as the rate of change in working staff of a organisation during a definite period. Employee turnover means changing of employees for migrating or employees from one organisation or industry to another. The main reason of employees shifting from one form…
Introduction Under the code, the personal guarantor defined u/s 5(22) of the Insolvency and Bankruptcy Code, 2016 (“IBC“). A personal guarantor is a person who acts as the surety in a contract of guarantee to a corporate debtor. Section 60(1) of the IBC 2016 deals with the provision related to the initiation of the insolvency…
Validity of an agreement by way of wager: According to Section 30 of the Indian Contract Act, 1872, wager agreements are void, i.e., they are not enforceable by law. A person cannot sue to recover the amount won by way of wager, or non-compliance of any party to abide by the results of the wager.…
