“An agreement made without consideration is void. “With reference to provisions of the Indian Contract Act‚ 1872 examine the validity of the statement and explain the cases in which the statement does not apply. (November 2005) Answer Validity of an Agreement without consideration: The general rule is that an agreement made without consideration is void (Section 25). In every valid contract consideration is very important. A contract may only be enforceable when an adequate consideration is
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fairly standard western approach towards ADR‚ the Lok Adalat system constituted under National Legal Services Authority Act‚ 1987 is a uniquely Indian approach. Arbitration and Conciliation Act‚ 1996 Part I of this act formalizes the process of Arbitration and Part III formalizes the process of Conciliation. (Part II is about Enforcement of Foreign Awards under New York and Geneva Conventions.) Arbitration The process of arbitration can start only if there exists a valid Arbitration Agreement between
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However‚ there are requirements to form a valid contract other than offer and acceptance‚ that are‚ intention to create legal relation and consideration. What is consideration? It can be describe as being something which represent either some benefit to the person making a promise or some detriment to the person to whom the promise is made. The term consideration is given to the subject that is exchanged in a contract.1 It is a fundamental prerequisite in English contract law. 2 The courts has explained
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Business Law and Ethics Assignment 14/03/2013 Module : 26313 Module leader : Phil Robinson Words count : 1088 In order to advise Neil‚ it is necessary to consider the law of the contracts‚ especially about offer and acceptance. We will analyze the situation to see what laws are applicable and advise Neil. In this case‚ we have three different people: Firstly an offeror‚ a person who makes an offer (in this case‚ Neil) and two offerees‚ the person to whom an offer is made (in this case
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Forms and classification of online business According to (Adam‚ Z.R.)‚ the major different types of e-commerce (B2B) Business-to Business‚ (B2C) Business-to-Consumer‚ (B2G) Business-to-Government‚ (C2C) Consumer-to-Consumer and M-commerce which is mobile commerce. Business-to-business is simply e-commerce that is present between two businesses. It is said that it is the fastest growing type of e-commerce‚ much faster than B2C. It is a type of e-commerce wherein two businesses transact with
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Introduction: The question of whether contract law can absorb technological change without the need for distinctive guidelines‚ presuppositions or similar rules is highly dependent on the effects of the amendments to the Electronic Transactions Act 2000 (NSW) (“ETA”). The impact of the ETA on traditional common law principles varies depending on the level of certainty and predictability available in the circumstances and how the law applies. The suitable amount of consistency is likely to vary
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Revision information: Tutor Agreement has been revised as of 2012/02/27 (Revision of Section 9.2.1.a)‚ Tutor Agreement version 2.3 Tutor Agreement has been revised as of 2012/01/09 (Revision of Section 4‚ Article 8.5‚ and 4.8.5a)‚ Tutor Agreement version 2.2 Tutor Agreement has been revised as of 2011/10/25. (Addition of 9.3) Agreement OF RAREJOB ONLINE ENGLISH TUTORIAL SERVICES 1. INTRODUCTION The RareJob English tutorial service is an online tutorial service that RareJob‚ Inc. ("RAREJOB"‚ "FIRST
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TABLE OF CONTENTS 1. Introduction ……………………………………………………………..2 2. Communication‚ acceptance and Revocation of Proposals……………...3 3. Communication when complete…………………………………………6 4. Acceptance must be absolute……………………………………………11 5. Acceptance by performing conditions‚ or receiving consideration……..13 6. Conclusion………………………………………………………………15 7. Bibliography…………………………………………………………….16 INTRODUCTION Indian Contract Act 1872 is the main source of law regulating contracts in Indian
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Unit 2 short paper 1 Prenuptial Agreements William E. Ogle Unit 2 Short Paper: Prenuptial Agreements Family Law PA 250-01AU Prof; Kinsella Unit 2 short paper 2 This Act is intended to be relatively limited in scope. Section 1 defines a "premarital agreement" as "and agreement between prospective spouses made in contemplation of marriage
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As the society embarks into the 21st century‚ a developing recognition on the magnitude of sustainability is emphasized. With the increased pressure imposed by “green consumers”‚ a phenomenon of green business practices is being nurtured‚ drawing companies to “greenwash” business to emerge as an environmentally and socially responsible corporation. To enhance the corporate image‚ many resort to the use of Corporate Social Responsibility (CSR) communication‚ one of the main ethical marketing practices
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