INTRODUCTION Section 10 of the Indian Contract Act prescribes the essentials for the formation of a valid contract which includes free consent of the parties, competency of the parties, lawful consideration, lawful object and ultimately entering into agreements that are not expressly declared void by the Act. After the abovementionedContinue Reading
It is stated that accepting an offer is like lighting a match to a barrel of dynamite. For a contract to be successful, a genuine offer must be followed by acceptance of the offer. Let’s look at what defines genuine acceptance in more detail. Acceptance “The offer is considered toContinue Reading
INTRODUCTION An E-contract is also known as a digital contract that is written and signed electronically. A contract agreement between two or more parties that is legally enforceable. Commercial contracts with e-businesses can be exchanged with the use of e-contracts. An e-contract can be created on a computer and emailedContinue Reading
CITATION (1862) 11Cb (NS) 869, EWHC CP J35; 142 ER 1037 APELLANT Bindley RESPONDENT Paul felthouse DECIDED ON 8 th July 1862 COURT Court of Exchequer chamber JUDGES Willies, byles and Keating JJ AREA OF LAW Acceptance BACKGROUND Uncle felthouse was quite interested with his nephew’s horse. So, he sendsContinue Reading
Introduction: Section 2 (b) of the Indian Contract Act, 1872 characterizes acceptance in these words: When one individual to whom the suggestion is made means his assent thereto, the recommendation should be recognized. An idea when perceived changes into an affirmation. In the declarations of Sir William Anson, Acceptance isContinue Reading
What are Swap contracts? In the year 1982, Swap Contracts were introduced when the World Bank and IBM entered into an agreement. Swap contracts are one of the four types of financial derivative contracts, where two counter-parties exchange the cash flow of one party for those of the other party’sContinue Reading
Case Number: CA 1903 Equivalent Citation: [1903] 1 K.B. 81 Bench: Collins, M.R. and Methew, J. Decided on: 19 November 1902 Relevant Act: The Partnership Act 1890 Brief Facts and Procedural History: In this case the defendant company is a partnership company with two partners, Mr Houston and Mr Strong,Continue Reading
What is an Agency? A contract of agency is the establishment of a legal relationship between two persons in which the principal employs the agent to act on his behalf. In such a contract, the principal is bound by the acts of the agent in a way similar to theContinue Reading
Introduction Section 148 of the Indian Contract Act, 1872 defines the term Bailment, that upon a contract when one person delivers goods to another for some purpose and when the motive is achieved. That bail was either returned or else disposed of according to the directions discussed earlier in theContinue Reading
The present article is written by Priyanka Choudhary, currently pursuing BALLB from Mody University of Science and Technology, Lakshmangarh, Rajasthan. INTRODUCTION As per Section 6 of the Indian Contract Act, 1972 a “Contract of Guarantee” may be a sort of a contract that deals with the performance of the promise,Continue Reading