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Contingent contracts refer to contracts in which the promisor will perform his obligation only when a collateral condition(s) are met. Some examples of the same are contracts of insurance, guarantee, and indemnity. Section 31 lays down that a contingent contract is a contract to do or not to do something, if some event, collateral to […]
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Novation means substitution of an existing contract with a new one. A contract may be terminated by mutual agreement between the parties. When a new contract replaces the existing one by agreement between the parties, the already existing contract is thereby discharged. Thus, it is also a method of discharge of contract. Once the existing […]
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The term ‘wager’ means a bet. Wagering agreements means an agreement by which one person agrees to pay money or money’s worth to another on happening or non-happening of a future and uncertain event. Under Sec. 30 of the Indian Contract Act, 1872, agreements by the way of wager are void. It cannot be enforced […]
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Introduction to Doctrine of Frustration In some cases, the performance of a contract becomes impossible; the purpose which the parties have in mind is frustrated. At the formation of a contract, parties seek that performance is possible but subsequently may become impossible to perform due to supervening events. Thus, the contract becomes void and the […]
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Indian Contract Act 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 […]
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