Tag: contract
Business Regulatory Framework
What is Contract of Guarantee? Sec. 126 of the Indian Contract Act 1872, which deals with the contract of guarantee, has defined it as “A contract to perform the …
Business Regulatory Framework
Rules governing consideration in a Contract The following are the Rules governing consideration in a contract. Consideration must move at the desire of the promisor. Consideration may Move front …
Business Regulatory Framework
What is Consideration in a Contract? Consideration is the foundation of every contract. The law enforces only those promises that are made for consideration. An agreement without consideration subject …
Business Regulatory Framework
What is a Void Agreement? An agreement, which is not enforceable by law, is void agreement. A void contract should be distinguished from void agreement. The differences between them are: …
Business Regulatory Framework
What is Stranger to Contract or Privity of Contract? The expression “Privity of Contract” is a doctrine, which means stranger to a contract. It means that a person, who …
Cost Accounting
Advantages of Contract Account The followings are the advantages of contract account. 1. Work can be completed without any delay. 2. A contractor can find the total cost of …
Business Regulatory Framework
What is a Condition in Contract of Sale? A condition is a stipulation which is essential to the main purpose of the contract. If there is a breach of …
Business Law
What is a Wagering Agreement? Agreements entered into between parties under the condition that money is payable by the first party to the second party on the happening of …
Business Law
Agreements Opposed to Public Policy An agreement which is opposed to “Public Policy” cannot be enforced by either of the parties to it. Public Policy is the “Policy of …
Business Law
Types of Damages for Breach of Contract There are four types of damages which can be claimed by the aggrieved party. Ordinary Damages or General Damages. Special Damages Exemplary …
