BCOC-133 BUSINESS LAW

Explain the law related to ambiguous and inchnate instruments.

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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 […]

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“Insufficiency of consideration is immaterial, but a valid contract must be supported by lawful and real consideration.” Comment.

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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

“Insufficiency of consideration is immaterial, but a valid contract must be supported by lawful and real consideration.” Comment. Read More »

Who are treated as persons of unsound mind? State the legal positions of contracts with such persons.

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Introduction The Indian Contract Act, 1872 lays down essential conditions for entering into a valid contract. One such requirement is that the parties must be competent to contract. Among those deemed incompetent are persons of unsound mind. Understanding who qualifies as unsound and how their contracts are treated legally is crucial for ensuring fairness and

Who are treated as persons of unsound mind? State the legal positions of contracts with such persons. Read More »

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