...Law Of Contract Definition and Nature A Contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty. According to Section 2(h) of the Indian Contact Act of 1872, A Contract is - “An Agreement enforceable by law” In other words, A contract is a binding legal agreement. Thus we can say: Agreement + Enforceability by law = Contract Formation of Contract PROPOSAL/OFFER [SECTION 2(a)]: A person is said to make a proposal when “he signifies to another his willingness to do or to abstain from doing anything with a view to obtaining assent (Agree) of that other to such act or abstinence” Example: 1. Rima offers to sell her Law books to Rony . Here, Rima is offering or giving a proposal to Rony. If Rony accepts a Contact is formed. Proposal & Promise Section 2(b) of the Contract Act 1872 states that, “A proposal (Offer) when accepted becomes a promise” The person making the proposal is called the “promisor” (Offeror), and the person accepting the proposal is called the “promisee” (Offeree). [section 2(c)]. When, at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or to abstain from doing something, such act or abstinence or promise is called a consideration for the promise. [section 2(d)]. Consideration is an important element of a Contact Agreement Thus...
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...LAB PROJECT REPORT LAW OF TENDERS AND AUCTIONS PGPM 2010-12 TERM 1 TABLE OF CONTENTS 1. Auction and tender.……………………………………………………………………………………………………………….......3 2. Auction………………...……………………………………………………………………………………………………………….......3 2.1 Legal Aspect as per The Sale of Goods Act, 1930...............................................................3 2.1.1 Legal Rules Regarding Auction.............................................................................3 2.2 Legal Aspect as per The Indian Contract t, 1872................................................................4 2.3 Auction Terminologies…………………………………….................................................................6 3. Tender………………..………………………………………………………………………………………………………………….......6 3.1 Legal Aspect as per The Indian Contract t, 1872................................................................6 3.1.1 Acceptance and withdrawal of tenders...............................................................6 3.1.2 No Obligation to Accept Lowest Tender..............................................................7 3.2 Tenders Terminology……………….………….………..................................................................8 3. Judicial Pronouncements and Analysis………………………………...........................................................9 3.1 Auction…………..…………………………………..............................
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...carries 10 marks 1. What are the essentials for a Valid Contract? Describe them in details. Essential of a Valid Contract All contracts are agreement but all agreements need not be contracts. The agreements that create legal obligation only are contracts. This validity of an enforced able agreement depends upon whether the agreement satisfies the essential requirements laid down in the acts. Section 10 lays down that ‘all the agreement are contracts if they are made by the free consent of the parties competent to contract for a lawful object and are not hereby expressly declared to the void’. The following are the essentials: a) Agreement: An agreement which is preliminary to every contract is the outcome of offer and acceptance. An offer to do or not to do a particular act is made by one party and is accepted by the other to whom the offer is made the we say that there is meeting of the mind of the parties. Such a position is know as consensus ad idem. b) Free consent: The parties should agree upon the same thing in the same sense and their consent should be free from all sorts of pressure. In other words it should not be caused by coercion, undue influence, misrepresentation, fraud or mistake. c) Contractual capacity: The parties entering into an agreement must have legal competence. In other word they must have attained the age of majority should be of sound mind and should be disqualified under the law of the land. A contract entered into between the parties having no legal capacity...
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...13 MBA 16 – Business Law & Practice Module 01 - Law of Contract Coverage of: • Law of Contract: Definition, Essentials • Types of Contracts • Offer – Definition & Essentials • Acceptance - Definition & Essentials • Consideration – Definition & Essentials, Exceptions • Capacity of Parties • Free Consent • Quasi Contract • Legality of Object • Performance of Contract – Termination of Contract – Remedies for Breach of Contract Case Studies 1 The Indian Contract Act, 1872 The Indian Contract Act consists of the following two parts: General principals of the Law of Contracts – covered under section 1 to 75; the principles apply to all kinds of contracts irrespective of their nature Special kinds of contracts – covered under section 124 to 138 ; These special contracts are Indemnity & Guarantee (u/s124 to 147), Bailment & Pledge (u/s148 to 181) and Agency (u/s 182 to 238) in Chapter X – refer next Module 2) Section 76 to 123 – repealed by Sale of Goods Act, 1930 (refer Module 4) • • Section 239 to 266 – Chapter XI has been repealed by the Indian Partnership Act , 1932 ( not being covered separately; but major issues under different modules) The act does not affect any usage or custom of trade (u/s 1) – these prevail if reasonable & not illegal; an unique feature of this Act – most important branch of business law Some of the contracts not dealt with by the this Act are those related to Partnership, Sale of Goods (refer module 4), Negotiable...
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...CHAPTER 1 LAW OF CONTRACTS 2 Business Law Including Company Law 1.1 NATURE OF CONTRACT [Sections 1–2] INTRODUCTION We enter into contracts day after day. Taking a seat in a bus amounts to entering into a contract. When you put a coin in the slot of a weighing machine, you have entered into a contract. You go to a restaurant and take snacks, you have entered into a contract. In such cases, we do not even realise that we are making a contract. In the case of people engaged in trade, commerce and industry, they carry on business by entering into contracts. The law relating to contracts is to be found in the Indian Contract Act, 1872. The law of contracts differs from other branches of law in a very important respect. It does not lay down so many precise rights and duties which the law will protect and enforce; it contains rather a number of limiting principles, subject to which the parties may create rights and duties for themselves, and the law will uphold those rights and duties. Thus, we can say that the parties to a contract, in a sense make the law for themselves. So long as they do not transgress some legal prohibition, they can frame any rules they like in regard to the subject matter of their contract and the law will give effect to their contract. WHAT IS A CONTRACT? Section 2(h) of the Indian Contract Act, 1872 defines a contract as an agreement enforceable by law. Section 2(e) defines agreement as “every promise and every set of promises forming...
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...INDIAN LAW SOCIETY'S LAW COLLEGE, PUNE LONGISH TERM PAPER ON COMPARATIVE ANALYSIS OF ARTICLE 299 SUBJECT :- COMPARATIVE CONSTITUTIONAL LAW. SUBMITTED BY:- AJINKYA SALUNKHE LLM-Ist YEAR ROLL NO:- 739 SUBMITED To- Prof.Prashant Gaikwad INDEX. 1) TITLE 2) NATURE OF STUDY 3) SCOPE 4) IMPORTANCE & SIGNIFICANCE 5) LITERATURE REVEIW 6)RESEARCH QUITIONS 7) OBJECTIVES OF RESEARCH 8) CHAPTERISATION 1) Introduction. 2) Article 299 of Indian Constitution. 3) Contract by union & State shall be executed.(299 (1) ) Position of informal...
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...Corporation Bank I T Division, H.O:Mangalore Corporation Bank (A Premier Public Sector Bank) Request for Proposal For Selection and Appointment of Technology and Project Management Consultant Tender No. 11/2013-14 Dated 30.12.2013 Price of Tender Document : Rs.10,000/Earnest Money Deposit (Rupees Ten thousand only)(Not refundable) : Rs.10,00,000 (Rupees Ten lakh only) Information Technology Division Head Office, Mangaladevi Temple Road Mangalore – 575 001 Phone: 0824 – 2426416 to 2426420 Website: www.corpbank.com RFP: 11/2013-14 – Selection and appointment of Technology & Project Management Consultant Page 1 of 63 Corporation Bank I T Division, H.O:Mangalore Table of Contents PARTICULARS PAGE NO. Request for Proposal Bank’s Brief Requirement Introduction about the Bank Current IT Infrastructure of the Bank Scope of work Key Personnel Introduction to the Bidders Offer validity period Clarifications of Offers Format of Technical offer Format of Commercial Offer Earnest Money Deposit Terms and Conditions Terms of Payment Substitution of Project Team Members Penalty & Cancellation of Contract Termination Resolution of disputes Eligibility Criteria Evaluation Methodology Conflict of Interest Right to reject any or all proposals Fraud & Corrupt practices Reporting Amendment to RFP Annexure-A - Covering Letter Annexure-B-Details of the Bidder Annexure-C - Terms and conditions compliance Table Annexure-D - Details of Eligibility criteria Annexure-E...
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...THE INDIAN CONTRACT ACT, 1872 The Law of Contract Constitutes the most important branch of mercantile or commercial law. It affects everybody, more so, trade, commerce anq industry. It may be said that the contract is the foundation of the civilized world. The law relating to contract is governed by the Indian Contract Act, 1872 (Act No. IX of 1872). The preamble to the Act says that it is an Act "to define and amend certain parts of the law relating to contract". It extends to the whole of India except the State of Jammu and Kashmir. The Act mostly deals with the general principles and rules governing contracts. The Act is divisible into two parts. The first part (Section 1-75) deals with the general principles of the law of contract, and therefore applies to all contracts irrespective of their nature. The second part (Sections 124-238) deals with certain special kinds of contracts, e.g., Indemnity and guarantee, bailment, pledge, and agency. The term contract has been defined by various authors In the following manner: "A contract is an agreement creating and defining obligations between the parties". -Salmond "A contract is an agreement enforceable at law, made between two or more persons, by which rights are acquired by one or more to acts or forbearances on the part of the other or others". -Anson "Every agreement and promise enforceable at law is a contract". -Sir Fredrick Pollock The Indian Contract Act has defined contract in...
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...THE INDIAN CONTRACT ACT, 1872 The law relating to contract is governed by the Indian Contract Act, 1872. The Act came into force on the first day of September, 1872. It extends to the whole of India except the State of Jammu and Kashmir. The Act is by no means exhaustive on the law of contract. It does not deal with all the branches of the law of contract. Thus, contracts relating to partnership, sale of goods, negotiable instruments, insurance etc. are dealt with by separate Acts. What is contract? The term contract has been defined by various authors in the following manner: “A contract is an agreement creating and defining obligations between the parties”. —Salmond “A contract is an agreement enforceable at law, made between two or more persons, by which rights are acquired by one or more to acts or forbearances on the part of the other or others”. —Anson “Every agreement and promise enforceable at law is a contract”. —Sir Fredrick Pollock The Indian Contract Act has defined contract in Section 2(h) as “an agreement enforceable by law”. These definitions indicate that a contract essentially consists of two distinct parts. First, there must be an agreement. Secondly, such an agreement must be enforceable by law. To be enforceable, an agreement must be coupled with an obligation. A contract therefore, is a combination of the two elements: (1) an agreement and (2) an obligation. Thus Contract = Agreement +enforcement at...
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...Operating Models of eProcurement System Introduction Testing framework for Quality and Security Characteristics 6.0 Evaluation & Certification process Annexures Annexure‐I : Risks of eProcurement Systems and related ISO 27001 controls Annexure‐II : Checklist for eSecurity Compliance (including CVC Guidelines) Annexure‐III : Checklist for compliance to GOI procurement procedures (GFR) Annexure‐IV : Checklist for legal compliance (IT Act – Amendment 2008) Annexure‐V : Definitions and Reference Documents Reference documents: 1. eTendering Process 2. eTendering Glossary 3. eProcurement Integrity Matrix 4. OWASP (Open Web Application Security Project) Top10 Application Security Risks‐ 2010 5. Business requirements specification‐ cross industry e‐Tendering process (Source CWA 15666) Forms & Templates: Template I : Template for defining Usability Requirements Specifications of the Software product Template II : Template for Performance Specification Form I : Application form for applying for Testing to STQC 2 1.0 1.1 Introduction Background The public sector is one of the biggest purchasers of goods & services in the economy. The Government of India acknowledges that automating procurement process using...
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...SALE OF GOODS ACT,1930 CHAPTER I: PRELIMINARY 1. Short title, extent and commencement (1) This Act may be called the 1[***] Sale of Goods Act, 1930. 2[(2) It extends to the whole of India 3[except the State of Jammu and Kashmir].] (3) It shall come into force on the lst day of July, 1930. 2. Definitions In this Act, unless there is anything repugnant in the subject of context,- (1) "buyer" means a person who buys or agrees to buy goods; (2) "delivery" means voluntary transfer of possession from one person to another; (3) goods are said to be in a "delivered state" when they are in such state that the buyer would under the contract be bound to take delivery of them; (4) "document of title to goods" includes bill of lading dock-warrant, warehouse keeper's certificate, wharfingers' certificate, railway receipt, 4[multimodal transport document,] warrant or order for the delivery of goods and any other document used in the ordinary course of business as proof of the possession or control of goods or authorising or purporting to authorise, either by endorsement or by delivery, the possessor of the document to transfer or receive goods thereby represented; (5) "fault" means wrongful act or default; (6) "future goods" means goods to be manufactured or produced or acquired by the seller after making of the contract of sale; (7) "goods" means every kind of moveable property other than actionable claims and money; and includes stock and shares, growing crops, grass, and things...
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...Ennore Port Limited (A Govt of India Undertaking) First Floor, 23, Rajaji Salai, Chennai – 600 001. ASSESSMENT OF PROJECT AND FINANCIAL RISKS FOR ENNORE PORT Tender No. EPL/FIN/2008/1 1 Invitation to Bid For Assessment of Project and Financial Risks for Ennore Port 1 Ennore Port Limited (EPL) intends to engage a consultant for Assessment of Project and Financial Risks and invites sealed bids from eligible bidders. 2 The tender document, including the Qualifying Requirements, can be obtained from the Ennore Port Limited, First Floor, 23, Rajaji Salai, Chennai – 600001 against payment of an amount of Rs.520.00 (Rupees Five Hundred Twenty only) including 4 % VAT, through a crossed Bank Demand Draft / Banker’s Cheque, in favour of ‘Ennore Port Limited’. The tender document, including the Qualifying Requirements, can also be downloaded from the EPL website, www.ennoreport.gov.in but an amount of Rs.520.00 (Rupees Five Hundred Twenty only), through a crossed Bank Demand Draft / Banker’s Cheque, in favour of ‘Ennore Port Limited’, shall invariably be required to be submitted along with the Bid. 3 The time line for the bid process is as follows: Issue of Tender Last Date & Time for receipt of Bid 13th October 2008 30th October 2008 at 1400 hoours Date & Time of Opening of Technical Bids 30th October 2008 at 1500 hours Date & Time of Opening of Financial Bids Address for Communication To be notified later to the eligible bidders. Dy General Manager (Finance) & Secretary, Ennore Port...
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...HYDERABAD RTI ACT INFORMATION HAND BOOK A.P. BEVERAGES CORPORATION LTD., 9 & 10, Proh. & Excise Complex, M.J.Road, Nampally, HYDERABAD-1. 1 ::1:: ANDHRA PRADESH BEVERAGES CORPORATION LIMITED 1.0. INTRODUCTION: The Andhra Pradesh Beverages Corporation Limited (APBCL) was established in the year 1986 as a fully owned undertaking of the Government, with the main objective of supplying hygienic packed arrack to the licensees and is incorporated under Companies Act,1956. The Corporation had set up 22 field units for carrying arrack operations at capital outlay of Rs. 32.65 crores, various district locations with a total which includes buildings and civil works. The various fixed assets like Plant and Machinery other than buildings valued at Rs. 24.70 crores were transferred to the Corporation in the form of Debt and Equity in the ratio of 2:1. The authorised share capital of the Corporation is Rs.10 Crores and the paid up share capital as on date is Rs.833.37 lakhs. The erstwhile Arrack Bottling units are converted into IML Depots for the wholesale trading activities of IML & BEER. 2.0. OPERATIONS: 2.1. ARRACK PACKING OPERATIONS: (from 1-1-87 to 30-9-93) The Corporation commenced its commercial operations on 1-1-1987 and successfully handled the arrack packing operations from 1.1.1987 to 30.9.93 i.e. till the imposition of ban on arrack by the Government. 2.2. WHOLESALE TRADE OF IML & BEER: (from 1-1-94 to 12-1-95) In pursuance of the Act 15 of 1993...
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...Lecture 2 – Offer & Acceptance Principles of contract law: Contract Formation - How a Contract is Made Terms - The Substance of Contract Vitiating Factors - Factors which Undermine a Contract Discharge - How a contract is fulfilled or ended Remedies - The Cures for a Breach of Contract For a contract to be legally binding, it has to fulfill 4 key elements: 1. Offer 2. Acceptance 3. Consideration 4. Intention to create legal intentions A. TYPES OF CONTRACT (pg 60) • Simple Contacts o Written o Oral • Special Contracts o Contracts by deed or contracts under seal o Always in writing o Written document is called a deed o Contracts under seal do not require consideration to be enforceable Written and Oral Contracts (pg 60) (1) Oral Contracts (Parol Contracts) o Difficult to ascertain the precise terms of the contact in event of dispute (2) Written Contact o Useful as it provides evidence of the parties’ contractual obligations o Forefront Medical Technology (Pte) Ltd v Modern Pak Pte Ld (2006) o Contracts for certain transactions must be evidenced by a written note of memorandum otherwise they are unenforceable Eg. Assignment of copyright and transfer of real property # NOTE: Parol Evidence Rule Primacy of a written agreement over oral statements : Oral (Parol) evidence will not be admitted in a court action to add to , vary, amend or contradict a written contract - Evidence Act S94 – Engelin Teh Practice LLC v Wee Soon Kim Anthony (2004) *Exceptions*: Extrinsic...
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...Project-in-charge (PIC) and Vessels are headed by Masters. Masters of all DCI vessels, report to PICs who in turn report to HOD (Ops). Operations department strives for improvement of performance/ production, provides safe practices in dredging operations, complying with all Statutory Rules & Regulations of the Government, Ports and by establishing Procedures to safe guard against all identified risks and avoidance of damage to the property particularly while working and at sea. Operations Department looks after deployment of various dredgers at Dredging and Reclamation Projects as per the contracts concluded between the DCI and customers such as Major Ports, Minor Ports, Indian Navy, Ship building yards, Inland dredging organizations in India and major dredging and reclamation projects abroad. Operations department also looks after issues with respect to carrying out Hydrographic survey, soil explorations/ investigations and analysis apart from undertaking towage of dumb dredgers and crafts by the Tugs owned and hired. HOD (Ops) is assisted by Dy. General Managers, Managers, Dy. Managers, Asst. Managers, Surveyors and Administrative staff in day to day functions of the Department. The Head Office monitors the project functions, guide the PICs, monitor and review progress of the projects and act accordingly to...
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