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,
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
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
Sale and Agreement to Sell: Basically, there is little difference between a Sale and an 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
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,
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
Contract in Contract Act, 1872: Basically, 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. Related