No consideration is required to construct a contract of agency, according to Section 185 of the Indian Contracts Act 1872. As a result, when a person is appointed as an agent, his appointment agreement becomes binding. The commission is the pay for an agent, but no compensation is required at the time of the employment…
Essentials of valid contract under the Indian Contract Act, 1872 Abstract Essentials of a valid contract are of such significance that without which the contract is void. In today’s world use of the word, ‘contract’ is quite common and easy. On regular basis, we enter into a contract with friends, family, at work, etc. without…
Astrology is a pseudoscience that causes divine data about human issues and earthbound occasions by examining the developments and relative places of heavenly items. astrologer has been dated to at any rate the second thousand years BCE, and has its underlying foundations in calendrical frameworks used to foresee occasional movements and to decipher heavenly cycles…
A contract of guarantee is defined under Section 126 of the Indian Contract Act as a contract to perform the promise or relieve the responsibility of the defaulting party if he fails to fulfil his promise. We can deduce that there are three contracting parties.[1] Principal Debtor – The person who borrows or is responsible…
In the English Law, A contract is said to have formed if both the parties of the contract express their intention to contract unequivocally. By entering into an agreement enforceable by law, it is presumed that both the parties accepted their own roles and obligations. Capacity to contract is specified in terms of the ability…
Indemnity: Under the English Law the term “Indemnity” means a promise to save a person harmless from the consequences of an act. This promise may be express or implied depending on the circumstances of the case. This concept can be elaborated more clearly from the case of Adamson v Jarvis. In this case, the defendant had instructed…
Section 4 of the Sales of Goods Act, 1930 defines a sale of goods as a “contract of sale whereby the seller transfers or agrees to transfer the property in goods to the buyer for price”. The term ‘contract of sale’ includes both a sale and an agreement to sell. A contract of sale is…
A settlement at the distribution of assets, liabilities, and issues referring to the custody of children if the wedding falls aside in the future, entered into an agreement by the marriage couples earlier than the wedding is known as a prenuptial agreement. Prenuptial agreements in India are once in a while stated as, pre-marital agreements.…
What are smart contracts? IBM defines smart contracts as “programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a…
INTRODUCTION: Is a contract possible without offer, acceptance or consideration? If we look at today’s world, yes there can be such a contract totally based on our social responsibility. Say, for example, one keeps a parcel at our doorstep, isn’t it our social responsibility and obligation to return that to the true owner. In this…
