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, and 185 of the Contract Act, 1872. Meanings of Consideration: Consideration means, “Something useful, like an act, forbearance, or a
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 either return those goods to the real owner or dispose of that goods according to directions of real owners. Relevant
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 a loss. Whereas a Guarantee is made to enable a person to get a loan or goods on credits or employment. It may be oral or expressed. Indemnity Meaning: Indemnity means a promise to
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, etc. These terms and conditions are the rights and duties of the parties(buyer and seller) to the contract which has
Sale and Agreement to Sell: There is little difference between a Sale and an agreement to sell. The sale is a transaction in which one person transfers his ownership concerning certain goods and thereafter simultaneously delivers the goods to another person, in response to which the person to whom the goods are transferred, pays consideration to the owner of the
Unpaid Seller Under the Sale of Goods Act 1930: Under the Sale of Goods Act 1930, it is essential that in the contract of sale, the seller when selling his property or goods the seller becomes entitled to be paid consideration as agreed. Sometimes it may happen that a transaction of Sale has taken place but the buyer without any
Contract in Contract Act, 1872: A Contract is an exchange of promises by two or more persons resulting in an obligation to do or refrain from doing a particular act, which obligation is recognized and enforced by law. Meaning of Contract: According to Black’s Law Dictionary: Contract means an agreement between two or more parties creating obligations that are enforceable
Introduction to Consent: 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 Provisions: Sections 13, 14, 19, and 20 of the Contract Act, 1872. Meaning of Consent: Consent means; “Agreement,