INTRODUCTION:-In the Indian Contract act, Section 10 talks about what agreements are contract?. It provides that all agreements are contract if they are made free consent of the parties, competent to contract or a lawful consideration with a lawful object as not here by expressly declare to be void.Section 13 of the Indian Contract Act…
INTRODUCTION CONTRACT – The term ‘contract’ defines under section 2(h) of Indian Contract Act , 1872 as “An agreement enforceable by law is a contract”. It creates and defines the duties and obligations of the parties involved. The promise may be to do something or to refrain from doing something. The making of a contract…
Topic – Contract Of Indemnity. Indemnity means protection. Protection against loss in form of money, goods etc. Section 124 of The Indian Contract Act defines Contract of Indemnity as a contract by which one party promises to save the other from loss caused to him by the conduct of the promiser himself or by the…
Bailment is a relationship in which one person temporarily gives his personal property in the possession of another without transferring ownership of that personal property. Delivering a bike or any other article for repair, or leaving a scooter at a stand, delivering silver to an ornament maker for making ornaments, giving clothes to a laundry…
Simple meaning of the word indemnity is making good the loss incurred by another person. For example, when X contracts to indemnify Y against failure to repay loan amount by Z, this is called indemnity. The Contract of indemnity is defined under section 124 of The Indian contract Act 1872 as “a contract by which…
Contract of indemnity The Indian Contract Act brings inside its ambit the legally binding rights that have been allowed to the residents of India. It supplies rights, obligations, and commitments on the contracting gatherings to assist them with effectively closing business-from regular daily existence exchanges to confirming the organizations of MNC. Special contracts such as…
What harms and remuneration ought to be granted? Section 73, 74 and 75 of the Indian Contract Act, 1872 expound on when pay is to be given to the harmed party. Section 73 of the Indian Contract Act, 1872 states that ‘When an agreement has been broken, the gathering who endures by such break is…
Legitimate thought and item The thought of an arrangement is legal, except if— it is illegal by law is of such a nature that, whenever allowed, it would invalidate the arrangements of any law is false. Includes a physical issue to the individual or property of another the Court thinks about it as improper or…
Expectation to make a legitimate relationship The gatherings going into an agreement should agree to make a legitimate relationship for example in the event of any resistance with the terms or debate among the gatherings, the gatherings ought to consent to look for legitimate cure except if expressed in any case in the agreement, or…
MINOR LIABILITY IN PARTNERSHIP INDIAN PARTNERSHIP ACT, 1932 A minor, being incapable to make an agreement or contract, cannot be a partner in the firm. However, he may be admitted only to the benefits of the firm with the consent of all other partners. “A person can become a partner only by an act of …
