Introduction In contract law, one of the essential elements for the formation of a valid agreement is the intention to create legal relations. This principle distinguishes contracts from mere social or domestic arrangements. In commercial contexts, courts generally presume that the parties intend to be legally bound by their agreements. Main Body Intention to Create […]
Introduction The relationship between a principal and an agent forms the basis of agency law, governed under Chapter X (Sections 182–238) of the Indian Contract Act, 1872. An agent acts on behalf of the principal, creating a legal relationship with third parties. The law also addresses who can be an agent and whether a minor
Define ‘agent’ and ‘principal’. Can a minor be an agent? Discuss. Read More »
Introduction Promissory notes, bills of exchange, and cheques are three key negotiable instruments governed by the Negotiable Instruments Act, 1881. These instruments play a vital role in facilitating credit and ensuring secure and efficient financial transactions. While each has unique features, they also share several common characteristics. Main Body Definitions Promissory Note (Section 4): A
Discuss the common features among promissory note, bill of exchange and cheque. Read More »
Introduction An unpaid seller is a key concept under the Sale of Goods Act, 1930. When a seller of goods has not been paid the whole price or a negotiable instrument given for payment is dishonored, he is termed an unpaid seller. The law grants specific rights to protect the interests of such sellers. Main
Define an unpaid seller. What are his rights? Read More »
Introduction In the context of contracts of sale, the terms “condition” and “warranty” refer to the stipulations related to the quality, fitness, or performance of the goods sold. These concepts are defined under the Sale of Goods Act, 1930. Understanding their differences is crucial as they determine the remedies available in case of breach. Main
Define and distinguish between ‘condition’ and ‘warranty’. Read More »
Introduction The freedom to practice any profession, or to carry on any trade or business, is a constitutional right under Article 19(1)(g) of the Indian Constitution. In line with this, Section 27 of the Indian Contract Act, 1872 declares that agreements in restraint of trade are void. However, there are certain exceptions where such restraints
Introduction Bailment refers to a contractual relationship in which one person (the bailor) delivers goods to another (the bailee) for a specific purpose under the agreement that the goods shall be returned after the purpose is fulfilled. The concept of bailment is governed by Chapter IX of the Indian Contract Act, 1872, from Sections 148
Introduction The dissolution of a partnership firm marks the end of the relationship among partners and the closure of business operations. Once a firm is dissolved, the final step involves settling its accounts. This process is governed by the Indian Partnership Act, 1932, specifically Section 48, which outlines the priority of payments and rules for
Introduction The Negotiable Instruments Act, 1881 governs various types of financial documents used in trade and commerce, including promissory notes, bills of exchange, and cheques. Two critical concepts under this Act are ambiguous instruments and inchoate instruments. Understanding these helps in identifying the legal status and enforceability of such documents. Main Body 1. Ambiguous Instruments
Explain the law related to ambiguous and inchnate instruments. Read More »
Introduction Consideration is one of the essential elements of a valid contract as per Section 10 of the Indian Contract Act, 1872. It refers to something in return – an act or abstinence – given by the promisee in exchange for the promisor’s promise. However, the adequacy or sufficiency of consideration is not necessarily a
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