UNIT I INDIAN CONTRACT ACT, 1872

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1 CONTENTS About the Author I-5 Preface to Sixth Edition I-7 Syllabus I-9 Chapter-heads I-13 List of Cases I-31 UNIT I INDIAN CONTRACT ACT, ICA, 1872 : NATURE, MEANING, ESSENTIALS AND KINDS OF CONTRACT 1.1 Introduction Extent and commencement Limitations or nature Definition of contract All contracts are agreements but all agreements are not contracts Essentials of a Valid Contract The law of contract is not the whole law of agreements nor is it the whole law of obligations 10 I-15

2 CONTENTS I Kinds of contracts (Classification of Contracts) Some distinctions 17 Test Questions 20 Practical Problems 20 True or False Statements 22 2 ICA, 1872 : OFFER AND ACCEPTANCE 2.1 Introduction Definition of offer What constitutes valid offer? Distinction between offer and invitation to an offer Kinds of offer Special Terms and Conditions in a Contract Agreement to agree in future enforceable or not Acceptance What constitutes valid acceptance? When does an offer lapse? Communication of offer and acceptance Communication of Revocation (Sec. 4) Revocation of offer and acceptance (Sec. 5) Contracts through telephone, telex, fax or Acceptance is to an offer what a lighted match stick is to a train of gun powder. It produces something which cannot be recalled or undone (Anson s Law of Contract) 41 Test Questions 42 Practical Problems 43 True or False Statements 44 3 ICA, 1872 : CONSIDERATION 3.1 Introduction 45

3 I-17 CONTENTS 3.2 Definition of consideration Essentials of valid consideration Rule of no consideration, no contract - Exceptions Doctrine of privity of contract 56 Test Questions 58 Practical Problems 59 True or False Statements 61 4 ICA, 1872 : COMPETENCY OF THE PARTIES TO CONTRACT 4.1 Introduction Who are competent to contract? Who is a minor? Nature of minor s agreements Law relating to minor s agreements Persons of sound and unsound mind Disqualified persons 74 Test Questions 76 Practical Problems 77 True or False Statements 78 5 ICA, 1872 : FREE CONSENT 5.1 Introduction Definition of consent (Sec. 13) Definition of free consent (Sec. 14) Factors affecting (vitiating) free consent Coercion Features of coercion Effect of coercion (Secs. 19 and 19A) Distinction between coercion and duress 86

4 CONTENTS I Undue influence Elements of undue influence Presumption of undue influence Effect of undue influence (Sec. 19A) Distinction between coercion and undue influence Fraud Elements of fraud Silence does not constitute fraud Effect of fraud (Sec. 19) Misrepresentation Constituents of misrepresentation Essential elements of misrepresentation Effects of misrepresentation Distinction between fraud and misrepresentation Exceptions to the right of rescission of the contract Mistake Types and effect of mistake 105 Test Questions 112 Practical Problems 113 True or False Statements ICA, 1872 : LEGALITY OF OBJECT AND CONSIDERATION 6.1 Introduction What considerations and objects are unlawful? Doctrine of public policy Agreements opposed to public policy Object or consideration unlawful in part Effects of illegal agreements 126 Test Questions 127 Practical Problems 127 True or False Statements 128

5 I-19 CONTENTS 7 ICA, 1872 : VOID AGREEMENTS AND CONTINGENT CONTRACTS 7.1 Introduction Expressly declared void agreements Collateral transactions in case of expressly declared void agreements Doctrine of restitution Contingent contracts Rules regarding Performance of Contingent Contracts Distinction between Wagering Agreements and Contingent Contracts 149 Test Questions 150 Practical Problems 151 True or False Statements ICA, 1872 : DISCHARGE OF CONTRACT 8.1 Introduction Modes of discharge of contract Discharge of contract by performance Discharge of contract by agreement (Sec. 62) Impossibility of performance Discharge of contract by lapse of time Discharge by breach of contract Discharge of contract by operation of law 161 Test Questions 162 True or False Statements ICA, 1872 : QUASI CONTRACTS 9.1 Introduction 165

6 CONTENTS I Quasi contracts : Meaning A Quasi contract : Rationale Kinds of quasi-contracts 167 Test Questions 171 Practical Problems 172 True or False Statements ICA, 1872 : REMEDIES FOR BREACH OF CONTRACT 10.1 Introduction Types of breach of contract Remedies for breach of contract Suit for damages Suit for rescission Suit upon quantum meruit Suit for specific performance Suit for injunction 192 Test Questions 193 Practical Problems 194 True or False Statements ICA, 1872 : INDEMNITY AND GUARANTEE 11.1 Introduction Contract of indemnity Essentials of a contract of indemnity Rights of indemnity-holder (Sec. 125) When does the liability of indemnifier commence? Contract of guarantee Essentials of a contract of guarantee 201

7 I-21 CONTENTS 11.8 Distinction between contract of indemnity and guarantee Kinds of guarantee Revocation of continuing guarantee Nature and extent of surety s liability Rights of surety Discharge of surety 212 Test Questions 217 Practical Problems 218 True or False Statements ICA, 1872 : CONTRACT OF BAILMENT 12.1 Introduction Bailment Essentials of a valid contract of bailment Kinds of bailment Some distinctions Duties of bailor Duties of bailee Rights of bailor Rights of bailee Right of lien and its types Distinction between particular lien and general lien Termination of bailment 238 Test Questions 239 Practical Problems 239 True or False Statements ICA, 1872 : CONTRACT OF AGENCY 13.1 Introduction Definition of agent and principal 243

8 CONTENTS I Principles regarding the law of agency Essential features of a contract of agency Some distinctions Creation of agency Extent of authority of an agent Delegation of authority Distinction between Sub-Agent and Substituted Agent Duties of agent Rights of agent Liability of the Principal for the Acts of the Agent Personal liability of agent Termination of agency 269 Test Questions 270 Practical Problems 271 True or False Statements 272 UNIT II SALE OF GOODS ACT, SALE OF GOODS ACT, 1930 : NATURE AND FORMATION OF CONTRACT OF SALE 14.1 Introduction Provisions of the Indian Contract Act Chapters and sections Certain terms defined in the act Definition of a contract of sale Essentials of a valid contract of sale Some distinctions Subject-matter of the contract of sale Classification of goods (Sec. 6) Effect of perishing of specific goods 290

9 I-23 CONTENTS Ascertainment of price Stipulations as to time 293 Test Questions 293 Practical Problems 294 True or False Statements SALE OF GOODS ACT, 1930 : CONDITIONS AND WARRANTIES 15.1 Introduction Conditions and warranties Distinction between condition and warranty When breach of condition is to be treated as breach of warranty? Express and implied conditions and warranties Doctrine of caveat emptor 308 Test Questions 311 Practical Problems 311 True or False Statements SALE OF GOODS ACT, 1930 : TRANSFER OF PROPERTY 16.1 Introduction Rules regarding transfer of property (ownership) Nemo dat quod non-habet (Sale by non-owners) 323 Test Questions 327 Practical Problems 328 True or False Statements 329

10 CONTENTS I SALE OF GOODS ACT, 1930 : PERFORMANCE OF CONTRACT OF SALE 17.1 Introduction Meaning and modes of delivery Rules relating to delivery of goods 331 Test Questions 335 True or False Statements SALE OF GOODS ACT, 1930 : UNPAID SELLER AND HIS RIGHTS 18.1 Who is an unpaid seller? Features of an unpaid seller Rights (remedies) of unpaid seller Buyer s remedies against the seller 349 Test Questions 351 Practical Problems 352 True or False Statements 353 UNIT III LIMITED LIABILITY PARTNERSHIP ACT, INTRODUCTION TO LLP : NATURE AND SCOPE 19.1 Need for new corporate form (LLP) Object of the LLP Act, Journey of the LLP Act, Global scenario of LLPs Prospective users/beneficiaries of LLP Legal framework 359

11 I-25 CONTENTS 19.7 Meaning and nature of LLP [Secs. 3 and 4] Features of LLP LLP vs. Other forms of business 363 Test Questions 367 True or False Statements FORMATION AND INCORPORATION OF LLP 20.1 Introduction Pre-requisites for incorporating a LLP Incorporation of new LLP Registered office of LLP and change therein (Sec. 13) Effect of registration [Sec. 14] Provisions relating to name of LLP and changes therein [Secs ] 375 Test Questions 378 True or False Statements PARTNERS AND THEIR RELATIONS IN LLP 21.1 Introduction Who is eligible to be a partner in a LLP (Sec. 22) Definition of partner Definition of body corporate Disqualifications of becoming a partner (Sec. 5) Designated partners Partners and their relations How can an existing partner cease to be a partner of a LLP? (Sec. 24) Registration of changes in partners (Sec. 25) Extent and limitation of liability of LLP and partners (Secs. 26 and 27) 387

12 CONTENTS I Extent of liability of partner (Secs ) Whistle blowing (Sec. 31) Contribution (Secs. 32 and 33) 390 Test Questions 392 True or False Statements FINANCIAL DISCLOSURES AND TAXATION OF LLP 22.1 Introduction Financial disclosures Maintenance of books of account [Sec. 34] Statement of account and solvency (SAS) Auditing of accounts of LLP [Sec. 34(4)] Annual return [Sec. 35] Other legal compliances relating to financial disclosures Taxation of LLP 400 Test Questions 403A True or False Statements 403A 23 CONVERSION TO LLP 23.1 Introduction Conversion from partnership firm into LLP [Sec. 55] Effects of registration of conversion of partnership into LLP [Sec. 58] Conversion from private company into LLP [Sec. 56] Conversion from unlisted public company into LLP [Sec. 57] 410 Test Questions 413 True or False Statements 413

13 I-27 CONTENTS 24 WINDING UP AND DISSOLUTION OF LLP 24.1 Introduction Rules for winding up and dissolution of LLP Key definitions Meaning of winding up Winding up vs. Dissolution Modes of winding up of LLP [Sec. 63] Commencement of winding up 424A 24.8 Steps in the compulsory winding up 424B 24.9 Liquidator 424B Test Questions 424D True or False Statements 424E UNIT IV INFORMATION TECHNOLOGY ACT, INTRODUCTION TO IT ACT : SCOPE AND APPLICATION 25.1 Need for IT Legislation Enactment of IT Act, Scheme of the Act Scope of the Act Exclusions from the Act Essence of the Act Objectives of the IT Act, Amendments to the IT Act, Key definitions (Sec. 2) 430 Test Questions 434 True or False Statements 434

14 CONTENTS I DIGITAL SIGNATURE 26.1 Introduction Definition and uses of digital signature Authentication of electronic record Private key vs. Public key Electronic signature [Inserted vide ITAA, 2008 (Sec. 3A)] Digital signature vs. Electronic signature 439 Test Questions 439 True or False Statements ELECTRONIC GOVERNANCE 27.1 Introduction Provisions which facilitate or strengthen electronic governance (Secs. 4-10) E-Governance initiatives in India 444 Test Questions 444C True or False Statements 444C 28 ATTRIBUTION, ACKNOWLEDGEMENT AND DESPATCH OF ELECTRONIC RECORDS 28.1 Introduction Validity of contracts formed through electronic means [Inserted vide ITAA, 2008 (Sec. 10A)] Attribution of electronic records (Sec. 11) Acknowledgement of receipt of electronic record (Sec. 12) Time and place of despatch and receipt of electronic record (Sec. 13) Secure electronic records and secure electronic signatures 448 Test Questions 448A True or False Statements 448A

15 I-29 CONTENTS 29 REGULATION OF CERTIFYING AUTHORITIES 29.1 Introduction Appointment of Controller and other Officers Functions of CCA (Secs ) Rules regarding issue of licence Powers of CCA Definition and role of certifying authority Duties of certifying authority (Secs ) Electronic signature certificates (ESC) Purpose of digital signature certificate Contents of digital signature certificate (Rule 7) Procedures relating to electronic signature certificate (Secs ) Duties of subscribers 458 Test Questions 460 True or False Statements CYBER CONTRAVENTIONS, ADJUDICATION, APPELLATE TRIBUNAL AND OFFENCES 30.1 Introduction Penalties and compensation Justice dispensation system for cyber crimes under IT Act The Appellate Tribunal (AT) Distinction between cyber contraventions and cyber offences Compounding of contraventions Offences Compounding of offences (Sec. 77A) 477 Test Questions 480 True or False Statements 481

16 CONTENTS I-30 QUESTION PAPERS B. COM. (HONS.) SEM I, B. COM. (HONS.) PART I/SEM I, B. COM. (HONS.) PART I/SEM I, B. COM. (HONS.) PART I/SEM I, B. COM. (HONS.) PART I/SEM I, B. COM. (HONS.) CBCS SEM I DEC B. COM. (HONS.) CBCS SEM I DEC

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