THE INDIAN CONTRACT ACT, 1872 The Law of Contract Constitutes the most important branch of mercantile or commercial law. It affects everybody, more so, trade, commerce anq industry. It may be said that the contract is the foundation of the civilized world. The law relating to contract is governed by the Indian Contract Act, 1872 (Act No. IX of 1872). The preamble to the Act says that it is an Act "to define and amend certain parts of the law relating to contract". It extends to the whole
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LESSON : 1 MEANING, CHARACTERISTICS AND TYPES OF A COMPANY STRUCTURE 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.0 Objective Introduction Meaning of Company Characteristics of a Company Distinction between Company and Partnership Types of Company Summary Keywords Self Assessment Questions Suggested Readings OBJECTIVE After reading this lesson, you should be able to: (a) (b) (c) 1.1 Define a company and explain its features. Make a distribution between company and partnership firm. Explain the various
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MEANING, CHARACTERISTICS AND TYPES OF A COMPANY INTRODUCTION Industrial has revolution led to the emergence of large scale business organizations. These organization require big investments and the risk involved is very high. Limited resources and unlimited liability of partners are two important limitations of partnerships of partnerships in undertaking big business. Joint Stock Company form of business organization has become extremely popular as it provides a solution to overcome the limitations
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1. Introduction 1.1 From the dawn of human civilization, we, human being are directly or indirectly dependent to each other. For our better living, we created family, then formed group/society, then country and international community. Each individual, each family, each group and each country are dependent on each other by some means. For the easy exchange of dependency, people introduced business. “Business is defined as the exchange of goods, services or money for mutual benefit or profit.”
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Part I: Principles of Contractual Obligation The Promise Principle and its Rivals A. Grounds for Enforcing Promises 1. FORMALITY Creation of a contract (§17): The formation of a contract requires a bargain in which there is a manifestation of mutual assent (offer and acceptance) to the exchange and consideration. a. When charitable promises are made without consideration or reliance there must be formality (evidence that the parties intended to be legally bound). (Deleo) i. Oral vs. Written ii
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PART II - CONTRACTS -meeting of minds bet 2 parties whereby one binds himself with respect to other to give something or render some service PRINCIPAL CHARACTERISTICS: 1. Autonomy of wills – parties may stipulate anything as long as not illegal, immoral, etc. 2. Mutuality – performance or validity binds both parties; not left to will of one of parties 3. Obligatory Force – parties are bound from perfection of contract: a. fulfill what has been expressly stipulated b.
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INDIAN CONTRACT ACT, 1872 The law relating to contract is governed by the Indian Contract Act, 1872. The Act came into force on the first day of September, 1872. It extends to the whole of India except the State of Jammu and Kashmir. The Act is by no means exhaustive on the law of contract. It does not deal with all the branches of the law of contract. Thus, contracts relating to partnership, sale of goods, negotiable instruments, insurance etc. are dealt with by separate Acts. What is contract
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Contracts, Fall 2012, Dr. Adams Introduction Contract law is a promise or set of promises for the breach of which the law gives remedy * Sources of Contract Law & Authority (primarily state law, not federal) * Common Law -Judicial opinions * Restatements – produced by the ALI to bring clarity & consistency to CL * Statutory law- always supersedes CL; UCC only applied to the same of goods * International commercial law & the CISG- applies mainly to international
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Contents Subpart A—General Considerations § 785.1 Introductory statement. § 785.2 Decisions on interpretations; use of interpretations. § 785.3 Period of effectiveness of interpretations. § 785.4 Application to Walsh-Healey Public Contracts Act. Preparatory and Concluding Activities § 785.24 Principles noted in Portal-to-Portal Bulletin. § 785.25 I llustrative U.S. Supreme Court decisions. § 785.26 Section 3(o) of the Fair Labor Standards Act. Subpart B—Principles for Determination
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SUBJECT MATTER OF SALE 1. MELLIZA vs CITY OF ILOILO (23 SCRA 477) Facts: Juliana Melliza during her lifetime owned, among other properties, 3 parcels of residential land in Iloilo City (OCT 3462).Said parcels of land were known as Lots Nos. 2, 5 and 1214. The total area of Lot 1214 was 29,073 sq. m. On 27 November 1931she donated to the then Municipality of Iloilo, 9,000 sq. m. of Lot 1214, to serve as site for the municipal hall. The donation was however revoked by the parties for the reason
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