Introduction The contract of the sale of goods is governed by The Sale of Goods Act, 1930. The Act extends to the whole of India except the state of Jammu & Kashmir. Till 1930, all the transactions related to the sale of goods was regulated by The Indian Contract Act, 1872. In 1930, Sections 76-123…
The term ‘bailment’, is derived from ‘Bailler’, a French word that means ‘to deliver’. A bailment relationship occurs when goods are given to another party for a specific purpose on the condition that the goods are returned to the owner, dealt with according to the owner’s instructions, or it is kept until the goods are…
A contract of bailment establishes a relationship between two parties when a person entrusts one’s property temporarily to another without intending to give up the ownership over the property. The person who is entrusting one’s property is called the Bailor and another person who is at the receiving end is called the Bailee. Definition of…
It is important for our team to have a clear focus on what should be done when signing a contract, given that we have identified our first client. Understanding these elements will make it easy for us to avoid any future litigation that may arise due to the poor execution of the contract. The following…
The doctrine of privity means that a contract is said to be a contact between the parties who are expressly mentioned in the contract and no third party can sue upon it even when the third party has its avowedly made for his/her benefit. Further the third party is not even bound by the terms…
Offer and invitation to offer or invitation to treat are two completely different aspects of a contract. However, many a times, people do mistake of considering them as one which gives rise to many futile cases that are considered void ab initio. There are many instances where initially invitation to offer exists and offer goes…
Consideration is quid pro quo, i.e., “something in exchange” and it is a key aspect in determining the parties’ real desire to form a legal relationship. A legitimate contract must have consideration as a component. The contract’s price is taken into account. Except in limited circumstances, an agreement without consideration is void and consequently not…
COMMUNICATION OF PROPOSAL/OFFER According to Section 4 of the Indian Contract Act 1872, The communication of a proposal is complete when it comes to the knowledge of the person to whom it is made. For example: A sent a letter to B offering to sell his horse for Rs. 6000. Communication of offer is complete…
SPECIFIC OFFERS A specific offer is one that is made to a specific person or to specific class of people and has conditions that must be met in order for the offer to be accepted. For instance, P may offer to purchase a horse from R for Rs. 10,000. This is a particular offer that…
INTRODUCTION From insurance plans to job contracts, contracts play an important role in our daily lives. Indeed, we enter into contracts without even thinking about it, such as when purchasing a movie ticket or installing an app. A contract is a legally binding agreement between two or more parties, whether oral or written. Individuals, businesses,…
