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The Indian Contract Act of 1872 governed the sale and purchase of products until 1930. Sections 76 to 123 of the Indian Contract Act were abolished in 1930, and a new act named the Sale of Goods Act 1930 happened in their place. It went into effect on July 1, 1930. Section 4 of the […]

When you’re running a business, it’s important to know the basics of contract law. One key concept is a consideration: what is and isn’t legally valid when two parties enter into an agreement. In this blog post, we’ll define consideration, the legality of consideration and how it applies to business and commercial knowledge. We’ll also

Economic theory involves many laws and theorems, which denote variable factors’ functioning in variable situations. To explain the law of variable proportion, many factors like production functioning, commodity output, etc., are on the same platform. This law usually states the variation in the marginal value of the product factor. This law is vital in economics, crucially

Indian Contract Act, 1872 was drafted in order to provide guidelines for the Indian citizens involved in business transactions or legal relationships to come into legally binding agreements. The Act provides detailed documentation on what the terms should be for initiating this type of contract, where they will be legalized, where they will be null

The Companies Act, 2013 was introduced to provide an overall framework and a set of rules for companies in India. The Act is comprehensive and inclusive legislation covering all aspects of company operations.  The Companies Act, 2013 has been enacted to promote the economic development and welfare of the country by making it easier for

Introduction The partnership is an important factor in the business world, and the rights of Partners play an important role in partnership business. The mutual relation between people known as partners comes into existence with the help of an agreement among the said partners. The agreement is governed under the Indian Partnership Act 1932. This

Introduction: Indemnity is a term used in the law of contract that refers to the right of a party to recover losses they may incur by another party. The concept is widespread even though there is no legal term to define it. It derives from English Law as well as from Roman Law and civil

According to Section 148 of the Indian Contract Act of 1872, a bailment is a contract wherein one individual gives or delivers the goods to some other individual for some intent. The person who has delivered the goods is known as the Bailor, and the person who has received the goods is known as the

A guarantee contract is a contract that discharges another person’s liability (third party) in a matter of default by that third party. A surety means the party of the contract that gives the guarantee who has to pay the amount when the borrower fails to pay the amount. It means that on default of the

The Indian Partnership Act of 1932 has recommended regulations to control the association amongst the partners. These provisions are implemented if no partnership deed exists or in case of any disputes. The accountabilities and rights of partners are clearly called out in a partnership deed.  The partnership deed defines aspects of partnership management such as