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Doctrine of Privity of Contract

Post author By Hemant More
Post date March 4, 2019
No Comments on Doctrine of Privity of Contract

The Indian Contract Act clearly states that there cannot be a stranger to a contract. It means any third party which is not a part of the contract for breach of contract. There are some exceptions. These exceptions are explained through the Doctrine of Privity of a Contract. The Indian Contract Act. 1872, allows the […]

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Indian Contract Act

Acceptance Ss. 2(b), 7, 8

Post author By Hemant More
Post date March 4, 2019
No Comments on Acceptance Ss. 2(b), 7, 8

Indian Legal System > Civil Laws > Indian Contract Act, 1872 > 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 another important ingredient of contract that is acceptance in details. Section 2(h) […]

Tags Brogden V. Metropolitan Rly. Co., Carlill v Carbolic Smoke Ball Co., Felthouse V. Bindley, Lalman Shukla v. Gauri Datt, Powell v. Lee, Sewak Ram And Ors. vs Municipal Board, Trollope & Colls Ltd. v Atomic Power Constructions Ltd., Valid acceptance

Indian Contract Act

Types of an 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 […]

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 […]

Indian Contract Act

Valid Agreement

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” […]

Tags Contract, Robertson v/s French, Section 10, Valid agreement, Valid contract, W & K Holdings (NSW) Pty Ltd v/s Mayo

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 […]

Tags Agreement, Indian Contract Act, Obligation, Offer, Proposal

Indian Contract Act

The Indian Contract Act – 1872: Introduction

Post author By Hemant More
Post date March 4, 2019
2 Comments on The Indian Contract Act – 1872: Introduction

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 […]

Tags Agency, Agreement, Bailment, Contract, Guarantee, Indemnity, Offer, Offeree, Offeror, pledge, Promise, Promisee, Promisor, Proposal, Reciprocal promise, Special contract, Void contract, Voidable contract

Economics

Elasticity of Demand

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 […]

Tags Elastic demand, Inelastic Demand, Measurement of elasticity of demand, Point method, Price elasticity, Total expenditure method, Unitary demand

Economics

The Law of Demand

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, […]

Tags Income effect, Marginal utility effect, Multiple uses effect, Poverty effect, Price effect, Speculation, Substitute effect

Economics

Demand

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 […]

Tags demand, Demand function, demand schedule, Problem of choice