Indian Contract Act 1872, defines contract in Section 2(h) as – “An agreement enforceable bye law or is a contract”. Section 13 defines consent as – “Two or more person are set to consent when they agree upon same thing in the same sense. Which means to sign a contract the parties should agree on…
Despite its common usage and perception, what corruption means is surely enigmatic. Corruption is more like a multi-focal, multivariate and mutli-dimensional eternity of socio-political system. Dictionary meaning of corruption implies deviation from the expected or ideal form; it is all about dishonest, illegal or immoral act or behaviour especially of someone having power. Concise Oxford…
RATIONAL THINKING WHILE MAKING CONTRACT Many of us will be wondering how thinking rationally can affect a contract. Well, it does substantially. Thinking rationally makes a person stand out in the crowd. He/ She will ought to know what is profitable for them and what is not. For the sake of understanding, assume a shopkeeper…
RELATION BETWEEN PARTNERS, ON ONE HAND AND THIRD PARTIES, ON THE OTHER Section 18 of the Indian Partnership Act, 1932, contains the principal on which the relation between partners on one hand and third parties on the other, is founded. According to this concerned section, for the business of the firm, a partner is an…
Indemnity in English law means a promise to save a person harmless from the consequences of an act. Section 124 of Indian Contract Act 1872, defines contract of indemnity as – A contract by which one person promises to save another person from the loss caused to him by – The conduct of promisor, The…
When the rights and obligations arising out of a contract are extinguished, the contract is said to be discharged or terminated. Thus the discharge of a contract means that the parties are no more liable under the contract. There are numerous ways, in which a contact can be terminated, which are mentioned in Indian contract,…
Coercion danger or utilization of correctional measures against states, gatherings, or people to constrain them to attempt or cease from indicated activities. Notwithstanding the danger of or restricted utilization of power (or both), compulsion may involve financial authorizations, mental pressing factors, and social exclusion. The idea of intimidation ought to be recognized from influence, which…
A contract is a verbal or written agreement that contains the rights, responsibilities, and responsibilities of the parties involved, and which can be enforced by the law. Sometimes, the parties to the contract might fail to accomplish their duties. This non-performance of the duties causes the Breach of the Contract and liability arises upon the…
Drafting a correctly worded termination clause, upon forming a clear understanding of legal consequences is significantly important since it defines the manner in which a commercial transaction may be brought to an end. Virtually all commercial contracts have a termination clause that sets out a mechanism which the parties shall follow while terminating the contract. …
According to Indian Contract Act, 1872 the term “Contract” under its section 2 (h) is “An agreement enforceable by law”. An agreement is nothing, but an offer made and acceptance of the same. And to be a contract, the agreement must be legally enforced. So, an agreement must be legally bound or must give a…
