Lecture-Introduction-law

Publish date: September 26, 2010

1. DEFINITION OF LAW: Law, as it is, is the command of the Sovereign. It means, 1) law has its source in sovereign authority, (2) law is accom­panied by sanctions, and (3) the command to ...

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Law of Agency

Definition and Nature of Agency

"An `Agent' is a person employed to do any act for another or to represent another in dealings with third persons."-Sec.182. The person for whom such act is done, or who ...

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Bailment and Pledge

Definition of Bailment

"A bailment is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished be returned or otherwise disposed’, ...

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Indemnity and Guarantee

CONTRACTS OF INDEMNITY

Definition

Section 124 of the Contract Act defines a contract of indemnity as a contract by which one party promises to save the other party from loss caused to him ...

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Performance of Contracts

PERFORMANCE OR TENDER

Definition

A contract creates legal obligations ,"Performance of a contract" means the carrying out of these obligations. Each ...

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Free Consent

Definition of "Free Consent"

An agreement is valid only when it is the result of the "free consent" of all the parties to it. Section 13    fines the act defines the meaning of the term ...

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Void and Voidable Agreements

An agreement which does not satisfy the essential elements of a contract may be either void or voidable. The definitions of these terms are given below.

1. Void ...

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Consideration

Definition of Consideration

  • Consideration is an essential element in a contract. Subject to certain exceptions, an agreement is not enforceable unless each party to the agreement gets something: This "something" is called ...

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Offer and Acceptance

formation of Contract

All contracts are made by the process of a lawful, offer by one patty and the lawful. acceptance- of the offer by the other party. X says to Y, ...

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