Introduction: Whenever there is an offer, given by one particular party to another, what do you think should be the next step? What does the party acting as the offeree do with the offer? One might intuitively say that the party will either accept it or reject it; rather in Read more…
Introduction: Consideration is a fundamental part of the contract. When you look at the benefits of promises and the detriment to promises in two ways, you really should understand promises in terms of detriment provided by English law. As result to conclude a legally binding contract, for a promise to Read more…
Introduction: Before entering into the roots let’s first understand what is a Contract? Well, a contract can be termed as an agreement between two parties either to buy or sell anything. It may be done either in a written way or oral way. Both the forms are supported by Law Read more…
Introduction: Consideration in the Indian Contract Act 1872 means that when at the desire of the promisor the promisee or any other person has done or abstained from doing or promises to do or to abstain from doing something, such act or abstinence or promise is called a consideration for Read more…
Introduction: The Privity of Contract is an English law concept that guarantees that no one should be entitled to or bound by the provisions of the arrangement to which he is not an undisputed party. In simple words, it can be said that it is a theory of common law Read more…
Introduction: Section 2(h) of the Indian Contracts Act mentions that any agreement which is enforceable by law is a contract.[1] In addition to this Section 10 of the Indian Contracts Act mentions the requirements of a contract, existence of some consideration, competency of parties, free consent and the object pertaining Read more…
Procedural History: (i)The decree was passed by Learned Gentle J. for the plaintiff for a sum ` 6,000 with interest and costs. (ii) The learned Chief Justice and Mukherjea J. allowed another appeal and the decree granted through gentle J. became modified and the plaintiff’s suit was decreed within the Read more…
Introduction: Section 2 (h) of the Indian Contract Act, an agreement enforceable by law is a contract[1]. And hence, all agreements as mentioned above do not come under the category of contracts as they are not legally binding for the parties. For example, an agreement to buy a car may Read more…
Introduction: Contracts are governed by the Indian Contract Act, 1872 in India. A contract is voluntarily created civil obligation which occurs between two parties after fulfilling some essentials of the contract. The law of contracts does not cover all the contracts. Some contracts still remain out of the purview of Read more…
Introduction: Before the 19th century, the existing moderate viewpoint of laissez-faire gave rise to contract theory in the legal world. Contract theory was developed around the will theory of contract which proposed that a contract between two parties exists on the basis of their own free will. Classical Theory of Read more…
Introduction: When you sell a product to a foreign customer, it is essential to determine the terms of sale as part of your export pricing strategy. Many businesses use INCOTERMS, which are internationally recognized commercial terms, they defined some key responsibilities of sellers and buyers in the international sale of Read more…
Introduction: The two terms-‘agent’ and ‘principal’ – have been defined in Section 182 of the contract act as follows:- Agent is an individual utilized to do any represent another or to speak to another in dealings with third people. The individual for whom such act is done, or who is Read more…