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 definition of a contract of bailment is a contract which 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 that goods to the real owner or dispose of … Read more
Indemnity and Guarantee: An 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 Meaning: Indemnity means … 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
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