Law > Civil Laws > Indian Contract Act, 1872 > Types of Contracts A contract is a legally binding agreement between two or more parties in which an exchange of value is made. The purpose of a contract is to form a relationship between two parties who seek to enter into a legal contract and […]
Indian Legal System > Civil Laws > Indian Contract Act, 1872 > Revocation of Acceptance In contract proposal and acceptance of proposal are important ingredient. In last few articles, we have discussed, proposal, types of proposal, revocation of proposal and acceptance. In this article, we shall discuss revocation of acceptance in details. Section 3: Communication, […]
Indian Legal System > Civil Laws > Indian Contract Act, 1872 > Termination of Offer The party who makes the offer is known as the offeror, and the party who accepts the offer is known as the offeree. Termination of offer is where the offer is terminated before the other side(offeree) has the opportunity to […]
Q1. What is a Contract? Mention any three essential elements a valid contract? A contract is an agreement which is enforceable by law. Hence, when 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. Section […]
Indian Legal System > Civil Laws > Indian Contract Act, 1872 > Section 126: Contract of Guarantee Guarantee is an undertaking to answer for another’s liability and collateral thereto. It is a collateral undertaking to pay the debt of another in case he does not pay it. It is a provision to answer for the […]
Indian Legal System > Civil Laws > Indian Contract Act, 1872 > Section 125: Rights of Indemnity Holder Section 125 of the Indian Contract Act lays down the three important rights of indemnity holder Section 125. Rights of indemnity-holder when sued. The promise in a contract of indemnity, acting within the scope of his authority, […]
Indian Legal System > Civil Laws > Indian Contract Act, 1872 > Section 124: Contract of Indemnity The distinctive feature of Contract Law, as compared to other branches of law, is that in the former the parties make law for themselves within the broad framework of the Contract Law. The importance of the contract in […]
Indian Legal System > Civil Laws > Indian Contract Act, 1872 > Communication of Acceptance In contract proposal and acceptance of proposal are important ingredient. In last few articles, we have discussed, proposal, types of proposal, revocation of proposal. In this article, we shall discuss the communication of acceptance. Section 2(h) of the Indian Contract […]
Indian Legal System > Civil Laws > Indian Contract Act, 1872 > Revocation of 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 signifies […]
Indian Legal System > Civil Laws > Indian Contract Act, 1872 > Communication of 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 signifies […]