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Indian Contract Act

Types of an Offer

Express offer

Indian Legal System > Civil Laws > Indian Contract Act, 1872 > Types of an Offer A proposal is main ingredient of a valid contract. The term “proposal” of the Indian Contract Act is synonymous to the term “Offer” in English law. Section 2(a)of the Indian Contract Act, 1872 defines proposal as “when one person […]

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Indian Contract Act

Proposal or Offer

Law > Civil Laws > Indian Contract Act, 1872 > Proposal or Offer In contract proposal and acceptance of proposal are important ingredient. In this article, we shall discuss proposal in details. Section 2(h) of the Indian Contract Act , 1872, defines the term ‘Contract’ as “An agreement enforceable by law is a contract.” Section […]

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Indian Contract Act

Valid Agreement

Valid Contract

Law > Civil Laws > Indian Contract Act, 1872 > Valid Agreement A contract is an agreement which is enforceable by law. Hence we use word contract it satisfies all legal requirement. Hence the word “Void contract” is wrong. It should be “void agreement”. Thus contracts can only be valid or voidable. The term “proposal” […]

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Indian Contract Act

Understanding A Contract

Indian Legal System > Civil Laws > Indian Contract Act, 1872 > Understanding A Contract Building Blocks of Contract: First Ingredient: An Offer Just information is not an offer: An offer to do or not to do something must be made for the purpose of being agreed to. If agreement from another party is not […]

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Indian Contract Act

The Indian Contract Act – 1872: Introduction

Communication of acceptance

Law > Civil Laws > Indian Contract Act, 1872 > Introduction Prior to the Indian Contract Act, English law of the contract was followed in India. The extent of modifications made in the Act as per the Indian conditions and its adaptability to the Indian economy. Before the act was enacted , the contractual relationship […]

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Economics

Elasticity of Demand

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The elasticity of demand shows the reaction of one variable with respect to the change in other variables on which it is dependent. Thus elasticity is an index of reaction. In economics, elasticity refers to a ratio of the relative changes in two quantities. It measures responsiveness or sensitiveness of one variable due to the change […]

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Economics

The Law of Demand

Law of Demand 01

Statement: Demand varies inversely with price. Assumptions of the law There is no change in the income of consumers. There is no change in the quality of the product. There is no substitute for the commodity in the market. The prices of related commodities (complements)  remain the same. There is no change in customs, tastes, […]

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Economics

Demand

Demand Curve

Problem of Choice In any choice problem, there is a feasible set of alternatives. The alternatives which are available to the individual constitute this feasible set. The individual is assumed to be clear in her mind about her likes and dislikes (preferences) and has the capacity to compare any two alternatives (rational) in the feasible […]

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MRTU & PULP Act, 1971

MRTU & PULP Act 1971: Authorities

Industrial Court

Indian Legal System > Civil Laws > Labour Laws > MRTU and PULP Act, 1971 > Authorities Under MRTU & PULP Act In this article, we should study the authorities under MRTU & PULP Act are Industrial Court, Labour Court, and Investigating Officers. Industrial Court: Constitution of Industrial Court: Section 4 of MRTU & PULP […]

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MRTU & PULP Act, 1971

Introduction to MRTU & PULP Act

MRTU PULP Act 01

Indian Legal System > Civil Laws > Labour Laws > MRTU and PULP Act, 1971 > Introduction The law identifying with work and job is called Industrial law or labour law in India. The meaning of MRTU & PULP Act, 1971 is the Maharashtra Recognition of Trade Unions and Prevention of Unfair Labour Practices Act, 1971. By Government […]