Agent The word agent is defined under Section 182 of the Indian Contract Act, 1872. When a person is employed to do any act for another person or to represent another in dealings with third persons, they are known as Agent. The third party for whom the act is to be done or is represented…
An agreement which can be legally enforceable by the law is called as Contract. The definition of contract is given in Section 2 (h) of the Indian Contract Act, 1872. Every contract is agreement, but every agreement isn’t contract. Only those agreements are contract which can be legally enforceable by law. An agreement involves a…
Merits 1. Check on black money and terror funding – A large amount of money for gambling has its source from the illegally earned money, also called black money. In the gambling market, no one keeps a check on the wagering party as to where they are getting the money and how much their real…
Why ICA considers wagering as void The history of wagering started since the evolution of mankind. It was known as gambling in ancient times and was a part of social taboo. When it came within mainstream business, the legal term betting was introduced to remove the societal stigma on gambling. But the process and methods…
A contract will be valid only when it is entered into by the parties having their free consent. Consent is free when it’s not induced by coercion, undue influence, fraud, mistake or misrepresentation. To understand more clearly the concept of free consent, let us take an example. Let’s assume there are two parties to a…
Section 172 of The Indian Contract Act states that “The bailment of goods as security for payment of a debt or performance of a promise is called ‘pledge’. The bailor is in this case called the ‘pawnor’. The bailee is called ‘pawnee’. —The bailment of goods as security for payment of a debt or performance…
Introduction: A sale is an absolute contract. A sales contract consists of an offer to sell or buy goods for a price and acceptance of that offer. The contract can be either written or oral. Section 4(1) defines a contract of sale as under: A contract of sale of goods is a contract whereby the…
All contracts are agreements, but all agreements are not contracts. It is the same with a wagering agreement, where it is an agreement but not a contract because it doesn’t fulfil the conditions under section 10 of ICA 1872, as wagering is expressly declared to be void. The Indian contract act does not define wager…
In any contract the consideration is said to be the foundation stone. As per section 25 of The Indian Contract Act 1872 (herein after referred as ‘Act’), an agreement is a void if it has been constituted without the support of the expressed consideration. The term consideration is defined in Section 2(d) of the…
A Theory of Justice, Rawls argues for a rational reconciliation of liberty and equality, which he claims should apply to the fundamental framework of a well-ordered society. An account of the circumstances of justice, influenced by David Hume, and a fair choice situation for parties confronted with such circumstances, akin to some of Immanuel Kant’s…
