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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INTRODUCTION We enter into contracts day after day. Taking a seat in a bus amounts to entering into a contract. When you put a coin in the slot of a weighing machine‚ you have entered into a contract. You go to a restaurant and take snacks; you have entered into a contract. In such cases‚ we do not even realize that we are making a contract. In the case of people engaged in trade‚ commerce and industry‚ they carry on business by entering into contracts. The law relating to contracts is to be found in the
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common law has been defined to ‘consist in some right‚ interest‚ profit or benefit‚ accruing to one party or some forbearance‚ detriment‚ loss or responsibility given‚ suffered or undertaken by the other’ Dunlop Pneumatic Tyre Co Ltd v Selfridge and Co Ltd [1915] AC 847‚ 57‚ 89. It was stated in this case that an act or forbearance of one party or the promise thereof‚ is the price for which the promise of the other is bought and the promise thus given for value is enforceable. In a contract‚ both
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EDUCATION B B A (II YEAR) PAPER 2.4 BUSINESS LAW Paper 2.2 Commercial Law : Business Law Indian Contract Act 1872 : Meaning and essentials of a valid contract Formation of contract – Performance of contract – Termination and discharge of contract – Remedies for breach of contract – Quast contract Special Contracts : Indemnity of guarantee – Bailment – Agency Sale of Goods Act‚ 1930 : Contract of sale – Conditions and warranties – Transfer of property – Performance
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Assignment-1 Students: ------------------------------------------- Lecturer: ---------------------------------------------- Class: * IBMS-3G Date: * 30-09-2011 Introduction This report contains the proceedings during the set up of the agreement and the proceedings after the breach of contract between two parties: Trans Trust SPRL versus Danubian Trading co. The agreement was about the sales of 1‚000 tons of rolled steel sheets which were supposed to deliver FOB in Antwerpen on 1950
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QUESTION 3 Based on the case given Richard entered only into a donation agreement in terms of which he will provide a free daily lunch to members of the political party‚ after freightened by Jonathan’s threat. Therefore this contract is not with Richard’s consent. According to the case of situation‚ there was Coercion and Undue Influence by the political party and Jonathan. “Coercion” is the committing‚ or threatening to commit any act forbidden by the Panel Code‚ or the unlawful detaining or
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Breach of contract Strike action clearly constitutes a breach of contract. Industrial action short of a strike is less straightforward. This will commonly take the form of a refusal to perform full normal duties. Where these are expressly required by the contract‚ employees will clearly be in breach. However‚ the contractual position is less straightforward where such duties are implied into the contract rather than expressly included. In Sim v Rotherham Metropolitan Borough Council [1986] IRLR
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INTRODUCTION……….5 ← Definition of Law ← Classification of Law & Classification of Civil Law ← Definition of Contract Law ← Types of Contract BODY………… 6-15 ← Essentials of A Valid Contract ← Definition of Vitiating Factors ← Types of Vitiating Factors ← Description of the different Vitiating Factors ← Discharge of a Contract ← The types of Discharge ← Remedies of Breach of Contract CONCLUSION……..15
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Frustration is fourth way a contract may be discharged. We define as a Frustration when an unforeseen event which not the fault of neither parties changes the conditions of the contract as such they are very different from the occurrence of the contract made. To clearly examine if situation is frustration‚ we determine by viewing the types of frustration contracts as the doctrine. The discharge with frustration can be made when the subject matter was destroyed accidentally‚ take Taylor V Caldwell
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FREE CONSENT FREE CONSENT According to Sec 10 of the Indian Contract Act one of the essentials of a valid contract is “Free Consent” Sec 13 defines “consent” as “Two or more persons are said to consent when they agree upon the same thing in the same sense”. According to Sec 14‚ consent is said to be free when it is not caused by: 1.Coercion 2.Undue influence 3.Fraud 4.Misrepresentation 5.Mistake COERCION According to Sec 15 coercion means “Committing or threaten to commit
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