Contract Management.pdf

Contract management prof neeraj kataria injunction

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Contract Management - Prof. Neeraj kataria
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INJUNCTION When a party is in breech of a negative term of contract the court may ,by issuing an order, restrain him by doing what he promised him not to do. Such an order of the court is called injunction Court refuses grant of injunction [1] whereby a promisor undertakes not to do something [2] which is negative in substance though not in form For example if someone purchases a house property for residential purpose undertaking that the property will not be used for commercial purpose, and he/she starts using the property for commercial purpose (other than residence), the court may restrain him from doing so. This is called injunction Contract Management - Prof. Neeraj kataria
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Feedback question What is the basic differences and similarities between quantum meruit, specific performance, and injunction? Contract Management - Prof. Neeraj kataria
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Special Contracts 1. Contract of Indemnity 2. Contract of Guarantee 3. Contract of Bailment 4. Contract of Pledge Contract Management - Prof. Neeraj kataria
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INDEMNITY Contract Management - Prof. Neeraj kataria
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INDEMNITY (Sec 124) A CONTRACT BY WHICH ONE PARTY PROMISES TO ANOTHER TO SAVE HIM FROM (ALL KINDS OF MONETARY) LOSS CAUSED TO HIM BY THE CONDUCT OF THE PROMISOR HIMSELF , OR BY THE CONDUCT OF ANY OTHER PERSON IS CALLED A CONTRACT OF INDEMNITY Indemnity is not necessarily limited to personal injuries or property damage. It can also apply to contractual obligations. Contract Management - Prof. Neeraj kataria
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ESSENTIAL FEATURES OF INDEMNITY There are two persons , the indemnifier the indemnified or the indemnity holder There must be loss either by the promisor’s conduct or by any other person’s conduct It is a contingent contract by nature It may be express or implied Sec125 deals with the commencement of the indemnifier’s liability. His liability commences when the event causing the loss occurs or when the event saving the indemnified from the loss becomes impossible Contract Management - Prof. Neeraj kataria
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GUARANTEE Contract Management - Prof. Neeraj kataria
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GUARANTEE (Sec 126) A CONTRACT OF GUARANTEE IS A TRIPARTITE CONTRACT TO PERFORM THE PROMISE, OR DISCHARGE THE LIABILITY,OF A THIRD PERSON IN CASE OF HIS DEFAULT. THE PERSON WHO GIVES THE GUARANTEE IS KNOWN AS THE ‘SURETY’, THE PERSON IN RESPECT OF WHOM THE GUARANTEE IS GIVEN IS KNOWN AS THE ‘PRINCIPAL DEBTOR’, AND THE PERSON TO WHOM THE GUARANTEE IS GIVEN IS CALLED THE ‘CREDITOR’. A GUARANTEE MAY BE EITHER ORAL OR WRITTEN. Contract Management - Prof. Neeraj kataria
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Contract Management - Prof. Neeraj kataria Principal Debtor Creditor Surety/Gurantor Contract of Loan Contract of Indemnity Contract of Transfer of Liability maybe for A consideration Contract of Guarantee
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ESSENTIAL FEATURES OF GUARANTEE Concurrence of three contracts Primary liability is that of the principal debtor In case the debtor is a minor , the surety’s liability becomes primary All the essentials of a valid contract apply It may be in writing or oral There need not be full disclosure of facts to the surety before he gives the guarantee, unless specified in the terms of the contract.
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  • Fall '19
  • CONTRACT MANAGEMENT, Prof. Neeraj Kataria

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