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” […]
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 […]
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 […]
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 […]
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, […]
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 […]