Sale of Goods Act 1930 Till 1930,transactions relating to sale and purchase of goods were regulated by the Indian Contract Act,1872.In 1930,Sections 76 to 123 of the Indian Contract Act, 1872 were repealed and a separate Act called ‘The Indian Sale of Goods Act,1930 was passed.It came into force on 1st July,1930.With effect from 22nd […]
Special Contracts: Indemnity; Guarantee; Bailment and pledge; Agency.
Special Contracts Indemnity The term ‘Indemnity` Simply means ‘Making Somebody Safe` or ‘Paying Somebody back`. Section 124 of contract Act defines that ‘‘A contract by which one party. Promises to save the other from loss caused to him by the conduct of the promise himself by the conduct of any other person, is called a […]
Breach of Contract and Remedies
Breach of Contract and Remedies A breach of contract occurs when a party thereto renounces his liability under it, or by his own act makes it impossible that he should perform his obligations under it or totally or partially fails to perform such obligations. The failure to perform or renunciation may take place when […]
Performance of Contract
Performance of Contract Regarding the performance of contract Section 37 of the Act states that the parties to a contract must either (i) perform their respective promises or (ii) offer to perform the same; (iii) such performance is dispensed with or (iv) excused under the provisions of the Act or of any other law. Time […]
Law of Contract (1872):Nature of contract; Classification; Offer and acceptance; Capacity of parties to contract; Free consent; Consideration; Legality of object; Agreement declared void
Law of Contract (1872) Law of Contract 1.1 Nature of contract The Law of Contract came into force on 1 September 1872. 1. The Indian Contract Act was passed and implemented to control various kinds of commercial and business contracts. 2. This act is not complete code of contracts. It deals with general principles […]
