Contract of Bailment – Meaning, Definition, Kinds and Essentials

contract of bailment

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. Contract

Contract of Indemnity and Guarantee Definition

Contract of Indemnity and Guarantee

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. Contract: Definitions and Essentials Indemnity Meaning: Indemnity

Rights and Duties of Buyer and Seller

Rights and Duties of Buyer and Seller

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 and Its Essentials

Sale and agreement to sell

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

Who is Unpaid Seller and His Rights Against Buyer

Unpaid Seller and his rights

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: Definitions and Essentials

contract

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. Contract Breach Meaning of Contract: According to Black’s Law Dictionary: Contract means an agreement between two or more parties creating obligations that

Consent In Contract Law

Free Consent in contract law

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. Contract: Definitions and Essentials Relevant Provisions: Sections 13, 14, 19, and 20 of the Contract Act, 1872. Meaning of

Definition of Contract of Agency and Its Essentials

Contract of agency and its essentials

A contract of agency is a two-party relationship in which one person acts as a representative to the other in business dealings in order to create contractual relations between that other and a third person. An agency may be created to perform any act that the creator of the agency himself could lawfully do. Contract: Definitions and Essentials Relevant Provisions: