The term ‘contract’ has been defined under section2(h) of the Indian contract act 1872, which states that- a contract is an agreement entered by two parties with certain consideration and is enforceable by law. Section10 of the Indian Contract Act, 1872 further lays down ‘what agreements are contracts’- An agreement will be a contract if: It…
Introduction: Contracts govern our everyday life. Many examples of day to day activity, perhaps something as simple as buying a railway ticket, falls under the ambit of a contract. The Indian Contract Act came into force in the year 1872. From that year till 2022, there have been various interesting cases which have challenged our…
National Company Law Tribunal (NCLT) is a Quasi Judicial body. It was intended to introduce in Indian legal system in 2002 however, due to constitutional validity it took 10 years, therefore, it was notified under section 408 of the Companies Act, 2013 based on the recommendation of the V. Balakrishna Eradi committee on law relating…
The foundation for every legal relationship between two or more parties is established on a basis of a contract. A contract is a document containing a set of terms and clauses framed by the individuals, companies and/or other legal entities that specifically dictates the relationship between such individuals in the future. Once the contract is…
INTRODUCTION : there are some essentials of a valid contract and one of them is that the consent of the contracting parties must be free. If the consent is not free, the contract shall be treated as void or voidable depending upon the factor which affected the consent. In this project I am going to…
The Indian Contract Act, 1872 says that the parties must be competent to contract for a valid contract. Further it says that Every person is competent to contract who is of the age of majority according to the law. However, these terms are not clear whether it amount to void contract or voidable contract. Therefore,…
Introduction: One of the most basic parts of regular transactions is contract. In our daily lives, we come across contracts everywhere. Indian Contract Act of 1872 governs contracts in India. The case of Lalman Shukla v. Gauri Dutt[i] is still one of the most often referenced in contract law. It was one of the first…
Specific performance is the remedy to that party of contract who suffers due to the breach of contract. Specific performance is an equitable relief, granted by the Court where pecuniary damages are not sufficient as relief to a party for failure to carry out the terms of the contract. Specific Performance is ordered by Court…
INTRODUCTION :-. To understand the essential for a valid Contract it is first necessary to know the meaning of contract . Contract is define under section 2(h) of the Indian Contract Act 1872 that “An agreement which is enforceable by law is a contract “. All agreement is not contract but all contract is agreement…
Unlawful agreements: Section 23 of the Contract Act lays down a plethora of circumstances wherein the object or consideration of an agreement is unlawful. An agreement hit by Section 23 is void ab initio and thereby in no circumstances enforceable. Illegal agreements: Illegal agreements are those agreements that are: (i) void, and (ii) punishable by…
