CONSIDERATION Definition Section 2 (d) When‚ at the desire of the promisor‚ the promisee or any other person has done or abstained from doing‚ or does or abstains from doing‚ or promises to do or to abstain from doing‚ something‚ such act or abstinence or promise is called a consideration for the promise; In short‚ consideration means that a promisee must give something in return for the promise. It may consist of a conduct‚ or a price to be paid in return for the promise made by‚ or the conduct
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his folder in the bus and finally the bus conductor voluntary return the folder to Allan. Allan promised that he will reward the conductor with RM500 but in the end he refuses to hand over the reward due to there was no agreement as there was no consideration to support his promise. The bus conductor can actually sue Allan can get the RM500 according to Section 2 (a) Contracts Act 1950 states that “when one person signifies to another his willingness to do or to abstain from doing anything‚ with a view
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This essay is going to summarize the sources of modern income tax statutes‚ summarize the objectives of modern income tax statutes and compare and contrast generally accepted accounting principles. There are three sources of modern income tax statutes which are legislative‚ executive and judicial. In this paper only the legislative and the executive will be discussed. The Internal Revenue Code‚ which consists of statutory provisions relating to Federal taxation‚ only existed as individual revenue
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Ans: Section 2(h) of the Indian Contract Act‚ 1872 defines a contract as an agreement enforceable by law. Section 2(e) defines agreement as "everypromise and every set of promises forming consideration for each other." Section2(b) defines promise in the word: "When the person to whom the proposal ismade signifies his assent thereto‚ the proposal is said to be accepted. A proposalwhen accepted becomes a promise." From the above definition of promise‚ it is obvious that an agreement
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world‚ and different rules apply in jurisdictions applying civil law (derived from Roman law principles)‚ Islamic law‚ socialist legal systems‚ and customary or local law. Elements At common law‚ the elements of a contract are mutual assent and consideration. Mutual assent At common law‚ mutual assent is typically reached through offer and acceptance‚ that is‚ when an offer is met with an acceptance that is unqualified and that does not vary the offer’s
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BASIC Bank Limited Head Office‚ Dhaka. THE CONTRACT ACT‚ 1872 Md. Hasan Imam Manager Board Division Introduction: The law of contract is the foundation upon which the superstructure of modern business is built. It is frequent that in business transactions quite often promises are made at one time and the performance follows later. The law of contract is applicable not only in business community‚ but also to others. Everyone of us enters into a number of contracts almost everyday‚
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What is Law ? Law means a ‘set of rules’ which governs our behaviours and relating in a civilized society. So there is no need of Law in a uncivilized society. Why Should One Know Law ? One should know the law to which he is subject because ignorance of law is no excuse. Introduction to Indian Contract Act Definition of a Contract :- Sec. 2(h) of the Act defines the term contract as "An agreement enforceable by law is a contract”. Flow of the definition :- Contract
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AGREEMENT AND CONTRACT 1. Introduction Dear students‚ welcome to the lecture series on Business Regulatory Frame Work. Today we are going to discuss the Indian Contract Act 1872. Before I start my discussion on the contract‚ I would like to make you aware that the Indian Contract Act 1872 came enforced on the 1st day of the September 1872. It is applicable to whole of the country except the State Jammu & Kashmir. The course related to the law is designed to impart the knowledge to the student
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make them legally enforceable in a court of law. If any of the components are missing‚ the courts will consider the contract unenforceable. To be enforceable‚ a contract must be legally valid‚ and it must consist of an offer ‚ acceptance ‚ and consideration. When a salesperson asks you to sign on the dotted line‚ it is important to understand the contents of the agreement you are signing. After all‚ the agreement you are entering into is a contract! In other words‚ a contract is enforceable when both
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following students to undergo On – the – Job – Training to your well known establishment. 1. Altea‚ Marta Joy P. 2. Capili‚ Reiner R. 3. Retuerto‚ Dorie Lim A. 4. Revilloza‚ Netchel P. We are looking forward to your most favorable consideration of this request and rest assured that this program will go a long way towards developing our future human resources requirements for our country and to the world. Very respectfully yours‚ PROF. CONCHITA F. ESPINUVA
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