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 of Agency and its Essentials Related Post: Contract of Bailment Relevant Provisions: Section 37, 38, … Read more
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 the agency himself could … 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: 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 a loan or goods on credits or employment. It may be oral or expressed. Related … Read more
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. Basically, these terms and conditions are the rights and duties of the parties(buyer and … Read more
Unpaid Seller: Under the Sale of Goods Act,1930, it is essential that in the contract of sale, the seller when sells 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 valid reason refuses … Read more
