Category: Contract Law
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Definition of 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. Relevant…
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Contract Breach
Introduction to Contract Breach When one of the contracting parties refuses or fails to perform his part or obligation which he promised to perform, is a Contract Breach. A breach may be one by nonperformance, by repudiation, or by both. Every breach gives rise to a claim for damages & may also give rise to…
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Offer in Contract Law
In the formation of a contract, the essential requirement is that there should be a consensus between the contracting parties by means of offer & acceptance. There must be a definite offer by one party to the other and an unqualified acceptance by the other party. Here you will know the offer in contract law…
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Acceptance in Contract Law
In the formation of a contract, the essential requirement is that there should be a consensus between the contracting parties by means of proposal/offer and acceptance. There must be a definite proposal/offer by one party to the other and an unqualified acceptance by the other party. Here you will learn in detail acceptance in contract…
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Wagering Agreement & Essentials
Introduction to Wagering Agreement The primary meaning of ‘wagering’ is staking something of value upon the result of some future uncertain event, such as a horse race, or upon the ascertainment of the truth concerning some past or present event, such as the population of a city. Section 30 of the Contract Act, of 1872,…
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Fraud in Contract Law
Fraud in Contract law is one of the factors that can cause the free consent for the agreement between two parties. Relevant Provision: Sections 17 and 19 of the Contract Act, 1872. Meaning of Fraud: Fraud means “a misrepresentation made recklessly by without belief in its truth to induce another person to act.”. Definition of…
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Discharge Of Contract
In a contract, there are certain rights and obligations on the parties to the contract. When these rights and obligations come to an end, it is known as the discharge of the contract, or the contract is terminated. Relevant Provisions: Section 37, 38, 62, and 63 of the Contract Act, 1872. Meaning of Discharge of…
