Contract law is important in business, regulating agreements between parties, whether written or verbal. There are various types of contracts, including express and implied contracts. Express contracts clearly outline terms, while implied contracts arise from actions. Bilateral contracts involve promises from both parties, while unilateral contracts involve one party’s promise in exchange for performance. Executory contracts involve unfulfilled obligations, while executed contracts have fulfilled obligations. Formal contracts have specific requirements, while informal contracts are based on verbal agreements.
In the formation of a contract, the essential requirement is that there should be a consensus between the contracting parties by means of proposal/offer and acceptance. There must be a definite proposal/offer by one party to the other and an
In the formation of a contract, the essential requirement is that there should be a consensus between the contracting parties by means of offer & acceptance. There must be a definite offer by one party to the other and an
Fraud in Contract law is one of the factors which can cause the free consent for the agreement between two parties. RELEVANT PROVISION: Sections 17 and 19 of the Contract Act, 1872. MEANING OF FRAUD: Fraud means “a misrepresentation made
INTRODUCTION: Section 10 of the Contract Act, of 1872 lays down the essentials of a valid agreement, where it says that for an agreement to be valid, it should have been caused by the free consent of the parties. RELEVANT
A contract of agency is a two-party relationship in which one person acts as a representative to the other in business dealing in order to create contractual relations between that other and a third person. An agency may be created
Introduction to Contract Breach When one of the contracting parties refuses or fails to perform his part or obligation which he promised to perform, is a Contract Breach. A breach may be one by nonperformance, by repudiation, or by both.
In a contract, there are certain rights and obligations on the parties to the contract. When these rights and obligations came to an end, it is known as the discharge of contract or the contract is terminated. Related Post: Contract
Something is returning is meant consideration. Consideration includes some right, interest, profit, or benefit accruing to one party and some forbearance, detrainment, loss, or responsibility given, suffered, or undertaken by the other. Relevant Provisions: Section 2(d), 23, 24, 25, 127,
Contract of Bailment: The contract of bailment is a contract that is executed between two parties for a particular purpose and when that purpose is accomplished the party to whom the goods are delivered is bound under the law to
Contract of Indemnity and Guarantee: A contract of indemnity is a contract that is made to protect the promisee from anticipated loss. This contract depends upon happening a loss. Whereas a Guarantee is made to enable a person to get
Sale and Agreement to Sell: Basically, there is little difference between a Sale and an agreement to sell. The sale is a transaction in which one person transfers his ownership with respect to certain goods and thereafter simultaneously delivers the
Rights and Duties of Buyer and Seller in a Contract of Sale: There are certain terms and conditions in a contract without which no contract can be executed. These terms and conditions may include time, place of delivery of goods,