Contract formation has always been an integral part of our business lives. A contract gives a legal effect to the business obligations of the people, which they are bound to perform. However, a party to the contract can waive its contractual obligations if the contract is held to be void or voidable on grounds of […]
Contract formation has always been an integral part of our business lives. A contract gives a legal effect to the business obligations of the people, which they are bound to perform. However, a party to the contract can waive its contractual obligations if the contract is held to be void or voidable on grounds of
Meaning Of Misrepresentation In contract law, misrepresentation is a statement made by one contracting party to the other which is not true, and which encourages the other contracting party to enter into the contract. Misrepresentation is of two kinds, being either fraudulent or innocent; that is to say, it may either amount to a wilful
There are two types of mistakes in the Indian Contract Law, 1872- Mistake of Fact Mistake of Law Both hold different liabilities and are different in their own sense. Mistake comes under free consent which is defined in Section 14 of the Indian Contract Act[1]. Mistake violates free consent although it may not be anyone’s
Any deceitful act performed by a person for their own gain can be termed as fraud. Section 17 of the Indian Contract Act, 1872 defines fraud as- “Fraud” means and includes any of the following acts committed by a party to a contract, or with his connivance, or by his agent, with intent to deceive
Contract of guarantee is a tripartite agreement between the creditor, principal debtor and surety. A contract of guarantee means a contract to enforce third party’s promise or discharge liability if the default made by the second party. In a contract of guarantee, the creditor means a person whom the guarantee was given to another person,
An offer when it is accepted becomes an agreement. But all agreements are not contracts. In order to become a contract, an agreement must be enforceable by law. Therefore, only those agreements which are enforceable by law can result in contracts. Offer + Acceptance = Agreement Agreement + Enforceability = Contract Agreement Under Section 2(e),
Capacity to contract as a concept is of a particularly complex nature, considering the number of laws and precedents on it. There are three main incompetent persons to contract and minor is the main focus here. A minor’s agreement is generally void, a principle set by the Mohori Bibee case[1]. No obligation, no estoppel and
An agreement is a law-enforceable course of action. An agreement is, from an overall perspective, a group of corresponding guarantees between the two gatherings, composed or oral, restricting them in a lawful relationship. An agreement is a coupling commitment on the gatherings who have consented to haggle with one another in contract. A breach is
