Definition of Indemnity A form of contingent contract, in which one party promises the other party that it will compensate for the loss or damage caused by the conduct of the first party or another person, is known as a contract of indemnity. The number of parties to the contract is two, one promising to…
Rights against Buyer 1- Suit for the price Where any goods are transferred to the buyer and the buyer negligently or refuses to pay in terms of the terms and conditions of the contract, the seller may sue him in terms of Section 55 (1) because once the goods have been transferred the buyer will…
Etymologically the word ‘Bailment’ can be derived from the French word ‘Bailler’ meaning ‘to deliver’. Though bailment in its similar form existed in the ancient and early medieval India, the current perceived concept of Bailment was bought to India along with the English Common law and the Statutory Law by the Charters of the East…
The case of Mohori Bibee vs. Dharmodas Ghose concerns the nature of minor’s contracts, his fraudulent false interference, the application of the principle of estoppel, sections 64 and 65 of the Contract Act, and so on. Name Of the Case: Mohori Bibee v/s Dharmodas Ghose Citation: (1903)ILR30Cal539(PC) Date Of Judgement: 04 March 1903 Name Of…
Contracts are a necessary component of our daily lives. Contrary to popular assumption, contracts are utilised extensively not only in business transactions but also in our daily lives. You might be astonished to learn that on a daily basis, one signs numerous contracts! Contracts are used in a variety of situations, including signing a business…
A contract of indemnity is a unique type of contract. The phrase “indemnity” signifies “security or protection against loss” or “compensation.” “A contract by which one party promises to safeguard the other from loss caused to him by the promisor’s behavior, or by the action of any other person, is called a contract of indemnity,”…
Section 148 of the Indian Contract Act states that “A ‘bailment’ is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them. The person delivering the goods…
Essentials of a valid marriage are defined under section 5 of the Hindu Marriage act. It statesthat A marriage may be solemnized between two Hindus if: Neither party has a spouse living at the time of marriage At the time of marriage:i. No party is of unsound Mind, or is not capable of giving a…
Section 126 of the Indian Contract Act defines the term “guarantee” as follows: “It indicates that a “contract of guarantee” is a contract to execute a third person’s promise or discharge his liability in the event of his default. The person who provides the guarantee is known as the “surety” the person whose default is…
A type of bailment is a pledge. Pawn is another name for pledge. Bailment of commodities as a security for the return of a debt or loan advanced, or the execution of an obligation or promise, is referred to as a pledge. Pledger or Pawnor is the person who pledges the commodities as security, while…
