Contracts play a vital role in commercial transactions and serve as a legal framework for parties involved to fulfil their obligations. In India, the performance of contracts is regulated by the Indian Contract Act, 1872. Definition of Contract Performance: Under the...
Contract law
CONTRACTS WHICH NEED NOT TO BE PERFORMED
Contracts play a vital role in our daily lives, and it's essential to be aware of the various provisions under the Indian Contract Act. SECTION 62 (Effect of Novation, Rescission, and Alteration of Contract) : This section states that if a contract is altered,...
AGREEMENT TO DO IMPOSSIBLE ACT (SECTION 56)
In the realm of contracts, it's essential to understand the legal framework that governs agreements in India. One critical aspect is Section 56 of the Indian Contract Act, which deals with agreements to do an impossible act. Section 56 states that an agreement to do...
AGENCY
In the realm of business, the concept of agency plays a significant role. It allows individuals or entities to delegate certain tasks and responsibilities to another party, known as an agent. In India, the provisions related to agency are outlined under the Indian...
BAILMENT
Bailment is a legal concept that plays a crucial role in the realm of contracts and property rights. Under the Indian Contract Act, 1872, bailment is defined as the delivery of goods by one party (the bailor) to another party (the bailee) for a specific purpose, upon...
INDEMNITY AND GUARANTEE
INDEMNITY AND GUARANTEE The Indian Contract Act, 1872, lays down the legal framework for contracts in India. Two important concepts discussed under this act are indemnity and guarantee. INDEMNITY : Indemnity is a contractual agreement where one party agrees to...