Contract of Agency and Its Essentials: Contract of Agency is a two-party relationship in which one person acts as representative to the other in business dealing in order to create contractual relations between that other and third person. An agency may be created to perform any act which the creator of agency himself could lawfully … Read more
Sale and Agreement to Sell: Basically, there is a little difference in Sale and 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 goods to another person, in the response of which the person to whom the goods are … Read more
Something is returning is meant consideration. Consideration definition and 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 … Read more
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 back those goods to the real owner or dispose of that goods according … Read more
Contract of Indemnity and Guarantee: Contract of indemnity is a contract which is made to protect promisee from anticipated loss. This contract depends upon happening a loss. Whereas Guarantee is made to enable a person to get loan or goods on credits or employment. It may be oral or expressed. Read More: Contract law Indemnity … Read more