TRANSFER OF OWNERSHIP
Every contract of sale of goods, in addition to
delivery, aims at passing the property in goods
(i.e. ownership) from the seller to the buyer.
Significance of Transfer of Ownership
UNPAID SELLER: REMEDIAL
An unpaid seller is one who has not
received the full price of the goods sold
by him/her upon its becoming due.
- Suit for damages for non-delivery; for specific performance
-Suit for damages for breach of war
Dissolution of partnership firm is an extreme state wherein the
business of the firm is completely closed; its assets are realized;
the liabilities are paid off; the surplus is distributed amongst
the partners as per their share in the property of the fir
Conditions are those
terms, which form
the very basis of a
contract of sale.
Warranties are the
to the main purpose
of the contract.
Conditions: Definition, Kinds
A partnership comes into existence by an agreement and such an agreement usuall
Mutual Relations between Partners: rights and duties
MUTUAL RELATIONS BETWEEN PARTNERS
Subject to the provisions of this Act, the mutual rights
What a person does by another, s/he does by
The principle, law of agency is based on.
Agent and Principal Defined
Agency: general rules;essentials
Test of Determining Existence of Agency Relationship
Bailment: Definition; Essentials; Kinds
Duties and Rights of a Bailor, and Bailee
Termination of Bailment
Lien: particular; general; entitlement of parties to general lien
Finder of Goods: rights and duties of finder of goods
A partnership firm comes into being only by an agreement between all the prospec
Duration of Partnership
Types of Partners
Minor as a Partner: rights; liabilities;
position on attaining majority
NATURE OF PARTNERSHIP
A partnership is an association of persons who
have agreed to carry on a joint business and
share the profits thereof.
Definition and Essentials of Partnership
Mode of Determining Existence of Partner
Chapter 5 Free
Consent is said to be free when not
caused by mistake, misrepresentation,
undue influence, fraud, or coercion.
Free Consent Defined
Transactions with Pardanashin Women
Undue Influence Dis
REMEDIES FOR BREACH OF
A breach of contract is refusal by one
party to abide by its terms, without
lawful excuses such as, impossibility of
performance by the other party.
Breach of Contr
NATURE OF CONTRACT OF SALE
A contract of sale of goods is one whereby the
seller transfers or agrees to transfer
theproperty in goods to the buyer for a price.
Contract of Sale: Definition; Essentials
Sale Distinguished from
Chapter 4: COMPETENCY OF PARTIES
(or disability) on the part
of either party may render
an agreement void and
WHO IS COMPETENT TO CONTRACT?
Every person who has attained the age of majority; is of
sound mind, and is
An agreement enforceable by law
is a contract but when it is not
enforceable it is said to be void.
VOID AGREEMENTS: LEARNING OBJECTIVES
Void Agreement Versus Void Contract
Void Agreement Versus Illegal Agreement
Agreements Expressly Declared Void
Discharge of Contract
The most natural and usual mode of
discharging a contract is to perform it
in accordance with its terms.
What does performance of contract mean?
Types of Performance
Essentials of a Valid
INDEMNITY AND GUARANTEE
An indemnity is an undertaking by a person to save the
other from the loss caused to latter by the conduct of the
promisor himself (former) or of any third person. A
guaranty, on the other hand, is the obligation to answ
A contingent contract is one, the
performance of which is dependent upon
the happening or non-happening of an
uncertain event, incidental to such contract.
Essentials of a Contingent Contract
Enforcement of Conting
Chapter 6 Legality
Every agreement of which the object or
consideration is unlawful is void. Thus, an
unlawful object renders an agreement
void ab initio.
What is Lawful Object?
Circumstances under which
the Object or Conside
Chapter 3: Consideration
Consideration is elemental to a contract. A promise
is not binding unless made for something in return consideration. For instance the seller of goods
undertakes to transfer ownership in the goods for a
price to be paid by the buy
THE INDIAN CONTRACT ACT,
Establishing The Contract
Contract: Inseparable Part of Ones Life
Board a train
Hire a cab
Consult a doctor or solicitor
Give your any household gadget for repair
In each of the abo