By Vikesh Kumar, Dr. Ram Manohar Lohiya National Law University, Lucknow Editor’s note: Contracts are promises that the law will enforce. In case of contract, both the parties are legally bound by the promise entered into. Quasi contracts are certain relations resembling those created by contracts. In a transaction in […]
Sankalp Shanker Srivastava Introduction- The Principle The origin of the principle of the Doctrine of Agency of Necessity rests in the idea where an agent exceeds his authority by acting on behalf of the principal in an emergency situation. This occurs when one party, the agent, is faced with an […]
-Souradeep Mukhopadhyaya POSITION IN ENGLISH LAW: Under English Law, agreements which restrain marriage are discouraged as they are injurious to the increase in population and the moral welfare of the citizens. Back in 1768, precedent was set by the Court of King’s Bench in Lowe v. Peers where the defendant […]
In this submission, the author has discussed in detail the Mohori Bibee case wherein, for the first time in 1903, the Privy Council declared that the minor’s contract was void and not merely voidable. The Privy Council reached this conclusion on the basis of various Sections of the Indian Contract Act which have also been elaborated in this paper to define the nature of a minor’s agreement.
– Saksham Dwivedi, CNLU Introduction & Historical Development Marine Insurance is not of recent origin. Its existence can be traced back to several centuries. Questions concerning it have naturally been coming up for a number of years and the law concerning it had taken a definite shape much prior to […]
The doctrine of fundamental breach is chiefly predicated on the facts or assumption that a party to a contract or contract of sale has committed a misnomer in the contract that goes to the root of the contract, thereby knocking the bottom off its commercial relevance. The prerequisites which must be fulfilled before a buyer may avoid a contract under the CISG are very different from those which must be fulfilled to reject under the UCC. Moreover, case law interpreting the doctrine has only added to the ambiguity, thus making it nearly impossible for any interpreter to confidently answer the seemingly basic question of whether a contract for the international sale of goods has been fundamentally breached. It seems as though the goal of contract preservation has outweighed the desire for any bright line rules and maybe rightly so when considering the international context in which these cases are decided.
The nature of the contracts changes with the developments in business environments. Most contracts entered into by ordinary people today are not in fact the result of individual negotiations. Even insurance contracts are similar to such contracts of adhesion since one party holds a stronger bargaining position in the contract and this is usually the drafting party, whereas the other party holds a weaker position and this is usually the accepting party. The existing provisions of the the Indian Contract Act show that the legal control is not quite adequate to come to the rescue of the weaker party against adhesion contracts and to meet the needs of the changing times.
Reforms in international commercial law have long been the centre of international efforts to facilitate international commercial transactions with lower costs to enterprises and higher legal certainty. As world trade and communications became increasingly interdependent, an intermediate period fostered the growth of a limited type of substantive international law, based primarily upon the common trade usages and practices among merchants, as well as such universally recognized legal principles. Lex mercatoria is a growing body of such international customary laws. However, its status as a legitimate source of law distinct and autonomous from national legal systems stands on debatable grounds with arguments both supporting and dissenting the same and hence remains uncertain.
Statutory transactions are contracts under compulsion of law whereby parties are mandated by executive orders or legal regulations to enter into either contractual relations or contract–like relations. Therefore, it would not be a sale of goods as the consensual element which forms the basis of contract is absent. However, lately there has been a characterization of statutory transactions as consensual contractual arrangements. This reflects the growth of a novel jurisprudence of contract by law distinct from the ordinary contracts by consent of parties, as understood throughout the legal history.
-Sumit Kumar Suman, CNLU Introduction Indemnity can be treated as a sub-species of compensation and a Contract of Indemnity is a species of contracts. The obligation to indemnify is a voluntary obligation taken by the indemnifier. Mere possibility of loss occurring will not make the indemnifier liable. Loss to the […]
By Yashu Bansal, Chanakya National Law University, Patna “Editor’s Note: Contingent contracts are contracts that are dependent on the happening or non-happening of an uncertain event. This paper analyses the concept of such contracts. it discusses the nature of a contingent contract and its essentials. It also distinguishes such a […]
– Anonymous Editor’s note:This paper analyses the role of an agent under the Indian law on contracts. In contracts of agency, there exists a legal relationship between two people where one person acts on behalf of the other. The essence of the principal-agent relationship is that the principal is too […]
By Aditya Sood Editor’s note: ‘Goods’ have been defined under § 2(7) of the Sale of Goods Act, 1930, to include every kind of movable property, including stocks, shares, crops, grass, severable objects, etc. It is supplemented by the definitions of movable and immovable property under § 3(36) and § […]