Power of Limited Companies to Alter Its Share Capital

Section 61 Limited companies' ability to change their share capital  (1) A limited company with a share capital may change its memorandum in its general meeting to—if permitted by its articles. (a) Raise the amount of its authorized share capital that it deems necessary; (b) Combine and divide all or a portion of its share... Continue Reading →

   Different Types of Share Capital

An equity share, occasionally appertained to as an ordinary share, is a form of fractional power that entails the topmost quantum of entrepreneurial responsibility for a trading organization. Let's examine equity shares in lesser detail. The company keeps its equity share investment capital. It's only returned after the business has been shut down. The company's... Continue Reading →

Contract to sell or let property by one who has no title not specifically enforceable under the Specific Relief Act

Introduction In India, Specific Relief Act was initially enacted in 1877 based on the doctrines advanced by the English Equity Courts. Upon the recommendations of the Law Commission of India, the earlier act was repealed and later, the new act came into force. Now, the law regarding specific performance is enshrined under the Specific Relief... Continue Reading →

Contingent Contract

Introduction: Section 31 of the Indian Contract Act, 1872 says that "a contingent contract is a contract to do or not to do something if some event collateral to such contract does or does not happen." Section 32 to 36 defines the enforcement and possibilities of the contingent contract. Definition: A contract is a contingent... Continue Reading →

Lawful Object and Consideration

Introduction: For a valid contract, its object and consideration should be lawful, according to section 10 of the Indian Contract Act, 1872. Both the object and consideration are essential elements of a contract, and which object and consideration are lawful is described under section 23 of the act. Section 24, says that either whole or... Continue Reading →

Coercion in Contract law

Introduction: Consent is regarded to be the most important component of a contract since its inception. There are variety of factors, which affects the consent of a person out of which coercion is one of them. This write up covers demonstrations that are managed under coercion, the demonstrations that fall outside its scope. Other than... Continue Reading →

Performance of Contract (Section 37 – Section 45)

A contract is an agreement which is enforceable by law between two or more parties competent to contract. Essential elements to enter into a contract are:- 1. Offer and acceptance 2. Free consent 3. Consideration 4. Parties competent to a contract 5. Lawful object 6. Intention to create legal obligation The basis of a contract... Continue Reading →

essential elements of a contract

As the world is changing, everything is getting more advanced and better. Now people are more smart, they take every step very smartly just to be safe and secure .Different sectors of the society work for their goals and objectives but it is really very important for every organization to work in a legal manner.... Continue Reading →

MOHIRI BIBI vs. DHARMODAS GHOSE

NAME OF THE CASE: Mohori Bibi v/s Dharmodas Ghose CITATION: (1903)ILR30Cal539(PC) DATE OF JUDGMENT: 04th March 1903 NAME OF THE JUDGES: Lord McNaughton, Lord Davey, Lord Lindley, Sir Ford North, Sir Andrew Scoble, and Sir Andrew Wilson are among the members of the House of Lords. FACTS OF THE CASE: The respondent, in this case,... Continue Reading →

INCOMPETENT TO CONTRACT

INTRODUCTION: Capacity to contract refers to the ability to lawfully enter into a deal. The capacity to contract binds the contracting parties with a vow to follow it. However, only a few people have the ability or competency to make a contract. DEFINITION OF ‘INCOMPETENT TO CONTRACT’: Certain people are not eligible to sign a... Continue Reading →

essentials of creation of agency

ARTICLE: ESSENTIALS OF CREATION OF AGENCY Under the umbrella of the Indian Contract Act of 1872, we study few special contracts. In this paper, we will focus on one such contract, the contract of agency. Contract of agency is given under chapter 10 of the Indian Contract Act,1872, defined in sections 182-238. Contract of agency... Continue Reading →

misrepresentation in contract law

Misrepresentation in Contract Law Misrepresentation contract law is the correspondence of erroneous data that actuates a beneficiary to go into an agreement. In a general sense, an agreement is the exchange of rights, property, and thought between elements, like people and organizations. Deception contract law assists with lessening deceitful and careless conduct in agreement arrangements.... Continue Reading →

QUASI CONTRACT

QUASI CONTRACT A quasi-contract is a fictional contract recognized by a court. The notion of a quasi-contract can be traced to Roman law and is still a concept used in some modern legal systems. The contract aims to prevent one party from unfairly benefiting from the situation at the other party’s expense. These arrangements may... Continue Reading →

WAGERING CONTRACT

Section 30 declares the wagering agreement as void. The section is as follows:-“30 Agreement by way of wager void-Agreement by way of wager are void and no lawsuit shall be brought for recovering anything alleged to be won on any wager or entrusted to any person to abide by the result of any game or... Continue Reading →

CONTINGENT CONTRACT

CONTINGENT CONTRACT Introduction The word contingent means when an event or situation is contingent, i.e. it depends on some other event or fact. for example, making money is contingent on finding a good-paying job. Now, the ‘contingent contract’ means enforceability of that contract is directly dependent upon the happening or not happening of an event.... Continue Reading →

formation in contract law

Formation in Contract Law For the arrangement of an agreement the interaction of proposition or offer by one gathering and the acknowledgment thereof by the other is fundamental. This by and large includes the cycle of arrangement where the gatherings apply their brains make offer and acknowledgment and make an agreement. At the point when... Continue Reading →

Discharge of Contract -2

In continuation with previous part let's now discuss about contact when the performance depends upon non-happening of an event, Section 33 of the Indian Contract Act 1872 provides that "Contingent contracts to do or not to do anything if an uncertain future, event does not happen, can be enforced when the happening of that event... Continue Reading →

FAIRNESS IN THE INDIAN CONTRACT ACT; PART-1

COERCION According to section 15 of the Indian Contract Act; An agreement the consent to which is caused by coercion is voidable at the option of the party whose consent was so caused. Coercion under this section is defined as; The committing or threatening to commit any act forbidden by the Indian Penal Code (XLV... Continue Reading →

discharge of contract under indian contract act, 1872

A contract creates a certain obligation on one or all parties involved. The discharge of contract happens when these obligations come to an end. When the contract is formed by agreement it may also be discharged through agreement, subject to the conditions of the contract. A contract may be discharged in the following ways- By... Continue Reading →

legal contours of restrain of trade agreements

INTRODUCTION- Section 27 of the Act makes agreements in restraint of commerce unenforceable. That is, any agreement prohibiting one individual from establishing or maintaining a trade or profession in exchange for a monetary reward is null and void. As a result, any arrangement that prevents a person from dealing in the manner or location of... Continue Reading →

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