important amendment to be incorporated under sec 138 of the act. 4 . Discuss the essential elements of a valid contract. 5 . Write short notes on any three of the following. (a) “A stranger to the consideration can enforce the contract”. Explain the exceptions in the following. i- Supervening Impossibility ii- Novation (b)Anticipatory breach of Contract (c) A private company has only 2 shareholders who are also the directors with equal rights of management
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LAW& AUDIT 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. Sources of Mercantile Law in India English Mercantile Indian Status Law Judicial Decisions Customs and Usages STUDY NOTE – 1 : INDIAN CONTRACT ACT‚ 1872 Section 1:Short Title The Indian contract Act
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Business Law Tutorial 6 1. Void contract is defined in Section 2(g) of Contracts act‚ 1950 as an agreement which is not enforceable by the law‚ which gives rise to no rights or obligations. Under Section 11 of Contracts Act‚ 1950‚ every person is competent to contract who is of age of majority‚ and who is of sound mind and is not disqualifying from contracting by any law to which he is subject to. The Age of Majority Act‚ 1971 states that the age of majority is 18. The Privy Council in MOhori
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30th May Thursday 11-12 (replacement) 1b) Negligence misrep – For this‚ the common law negligent misrep is followed- i.e. that is duty of care‚ “special relationship” ‚ breach of standard of care‚ causation‚ and remoteness. 1c) Duress is pressure exerted by one person to coerce (influence someone to do smth) another to contract on particular terms. The main types are duress of the person “actual or threatened violence or unlawful imprisonment”‚ duress of goods “wrongful detaining‚ damaging or
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David Cho LAW/421 Week 4 November 19‚ 2014 Dr. Mark Pugatch BS‚ MBA‚ JD Big Time Toymaker According to Melvin‚ 2011 “an agreement may result in a binding contract‚ whether it is an oral or written agreement between parties”. Big Time Toymaker (BTT) had shown interest in the new strategy game developed by Chou‚ called Strat. There were oral agreements for exclusive distribution rights‚ but had stipulations that it must be in writing. There were also emails sent‚ but a formal contract was never
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Contract: a legally enforceable agreement General Rule (GR) for an agreement to be legally enforceable‚ following requirements must be satisfied: 1. There is an agreement between the parties (2 or more persons) 2. The parties intended to create legal relations 3. Each party has provided consideration‚ that is‚ paid a price or made a promise GR for an agreement to be formed: 1. One person (the offeror) has made an offer 2. Another person (the offeree) has accepted the offer 3. The offeree
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Discuss the grounds of termination of contract and remedies available for breach of contract. Further‚ discuss the most appropriate remedy (in your opinion) for breach of contract in a market economy. Grounds of Termination of Contract: Termination of a contract takes place when the parties to the contract are released from their contractual obligations. Contract termination may take in a number of ways which are: 1. By breach of contract. A breach of contract takes place when a party fails to
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TOPIC THREE: LAW OF AGENCY * Nature and Creation of an Agent * Duties of an Agent to his Principal * Duties of a Principal to his Agent * Termination of Agency Contract NATURE OF AGENCY What is an agency? Section 135 of Contract Act 1950: “Agency is the relationship which subsists between the principal and the agent who has been authorized to act for him or represent him in dealings with others.” There are two types of agency contracts:- 1. Contract between principal & agent
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5 Indian Sale of Goods Act‚ 1930 1. Contract of Sale – Meaning A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. There may be a contract of sale between one part-owner and another [Sec 4(1)]. A contract of sale may be absolute or conditional [Sec 4(2)]. The term ‘contract of sale’ includes both a ‘sale’ and an ‘agreement to sell’. 2. Essentials of a Contract of Sale (Refer text for details) a. Two
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Image of handshake. Diffen. 2015 Elements of a Contract Hillary Fullmer Eth/321 January 12‚ 2015 William Eshelman Elements of a Contract An agreement that is legally bound between two or more people is a considered a contract. There are three elements that make up a contract agreement‚ consideration‚ capacity‚ and legality. Agreement is the coming to terms with both parties involved by acceptance of the offer. Consideration is the return of the value promised for an action or non-action that
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