UNIT 09 AGENCY Introduction to Agency Agency is a legal relationship in which a person, called the agent, is authorized to act on behalf of another person, called the principal. This relationship is based on the agent’s authority to create, modify, or terminate legal relations between the principal and a third party. The principal is … Read more
UNIT 08 BAILMENT AND PLEDGE Bailment is the delivery of goods from one person to another for a specific purpose, where ownership remains with the original person. Pledge is a specific type of bailment where goods are delivered as security for a debt or performance of a promise. Ø Bailment Bailment is a contract where … Read more
UNIT 07 CONTRACT OF INDEMNITY & GUARANTEE A contract of indemnity and a contract of guarantee are both special types of contracts under the Indian Contract Act, 1872. While they both provide protection against loss or liability, they differ in their nature, the number of parties involved, and the primary purpose. Contract of Indemnity A … Read more
UNIT 06 CONTINGENT & QUASI CONTRACTS Contingent Contracts A contingent contract is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen. The performance of the contract is conditional upon the occurrence or non-occurrence of a future, uncertain event. For example, an insurance contract … Read more
UNIT 05 BREACH OF CONTRACT AND ITS REMEDIES Breach of contract occurs when one party fails to fulfill their obligations under a contract. The Indian Contract Act, 1872 provides for different types of breaches and remedies available to the aggrieved party. Types of Breach of Contract Anticipatory Breach This occurs before the time for performance … Read more
UNIT-04 PERFORMANCE OF CONTRACT Performance of Contract- The performance of a contract is the fulfillment of the obligations and promises made by the parties involved, as stipulated in the contract. It is the most common way for a contract to be discharged or terminated, as once the parties have fulfilled their duties, their legal obligations … Read more
UNIT – 03 OTHER ESSENTIALS ELEMENT OF A CONTRACT Capacity to Contract The capacity to contract is a fundamental element of a valid contract. According to Section 11 of the Indian Contract Act, 1872, a person is competent to contract if they meet the following three conditions: They have attained the age of majority. They … Read more
UNIT-2 CONSIDERATION Consideration- In contract law, consideration is an essential element for a valid contract to be formed. It’s often defined by the Latin phrase “quid pro quo,” which means “something for something.” It is the value that each party gives and receives in an agreement. Without consideration, a promise is generally considered a gift … Read more
THE INDIAN CONTRACT ACT, 1872 UNIT NO-1 NATURE OF CONTRACTS The law of contract is a fundamental area of civil law that governs the creation and enforcement of agreements between two or more parties. At its core, it is about promises that the law will recognize and enforce. This body of law provides a framework … Read more
CH-1 INDIAN REGULATORY FRAMEWORK TOPIC-01: What is Law? Law is a set of rules and principles established by a government or legislative body to regulate human behavior. Its primary purpose is to maintain social order, protect individual rights, and ensure justice and fairness within a society. Laws are enforced through social institutions and can be … Read more