According to the Section 71 of the Indian Contract Act, 1872, deals with the finder of goods. A finder of goods means ‘a person who finds goods’ that belongs to another and place them into his custody. The finder of the goods holds the same position as that of bailee and he is required to take care of goods in the same manner as is expected out of bailee under Section 151 of the Indian Contract Act, 1872.
Explore MoreThe bailment of products as security for payment of a debt or performance of a promise is named ‘Pledge’. The bailor is, during  this case, referred to as the ‘pledger’ or ‘pawnor’ and also the bailee is named the ‘pledgee’ or ‘pawnee’. this is often outlined underneath section 172 of Indian Contract Act, 1872.Â
Explore MoreAs we’ve got studied the sooner subject to a contract between partner and to the provisions relating to minors during a firm. No new partners are often introduced during a firm while not the consent of all the prevailing partners.
Explore MoreThe Pawnee can get the property that was pledged. The delivery should be in accordance with the contract. This delivery are going to be for security functions solely. moreover, delivery of products are going to be subject to a come back condition.
Explore MoreSection 133 of ICA explains discharge of surety by variance. Any variance, made without the surety’s consent, in the terms of the contract between the principal 1[debtor] and the creditor, discharges the surety as to transactions subsequent to the variance.
Explore MoreSection 126 of the Indian contract Act, 1872 states that a contract of guarantee is that contract which perform the promise or the discharge of the liabilities of the third person in the case of default of that third person.
Explore More
According to Section 4 of the Indian partnership Act 1932, a firm is the collective name of people who have entered into the partnership with one another to carry on a business together. It is not a legal entity like a company, it is a group of individual partners.Â
Explore MoreWhen a person (agent) acts on the behalf of another person (principal) without any authority to do so, then such person for who’s behalf the work has been done has the right to either ratify or disown his act. Under this section, the act says that when a person acts on the behalf of another without the authority to do so then another person can either approve his act or can disown his act.
Explore MoreA contract becomes valid when there is an offer and acceptance of that offer. And there are various other requirements which are to be fulfilled , as free consent, competency lawful consideration. Consensus ad idem which means meeting of the minds for the formation of a contract is also an essential
Explore MoreINTRODUCTION Contracts are an inevitable and indispensable part of our lives whether it be small contracts like buying a chocolate from a grocery store or […]
Explore MoreCopyright © 2025. All rights reserved.
