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.
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 § […]
Sucharita Manjunath, UPES Dehradun Editor’s Note: Private International Law is the legal framework composed of conventions, protocols, model laws, legal guides, uniform documents, case law, practice, and custom, as well as other documents and instruments, which regulate relationships between individuals in an international context. Introduction Private International Law is a merger of […]