Sale of Goods Act – Law Governing Supply Contracts
In the last post we discussed Indian Contract Act, a statue applicable to the contractual relationships between the parties. Please click on the link below to read the post again http://www.rkstrainings.com/indian-contract-act-law-governing-contracts/ In this post we are going to discuss Sale of Goods Act, a specific law related to sale/purchase of good Sale of Goods Act […]
Significance of MOU and its most suitable use
Dear Readers, In the last post we discussed what MOU is and how it is different from a contract. Please click on the link below to read it again http://www.rkstrainings.com/2022/01/31/difference-between-mou-and-contract/ In this post, I wish to explain the significance of MOU and its most appropriate usage. Accordingly, we will realize its relevance for commercial and non-commercial agreements entered between […]
Difference between MOU and Contract
Dear Readers, MOU is a common term and we hear about it frequently in our work life. Business Entities and Central/State Governments regularly draft/sign MOU’s to records the mutual promises and understanding of the parties. Also, they keep on referring/interpreting existing MOU to know the respective duties of parties. So what is the relevance of […]
Difference b/w Contract Administration and Management
Dear Readers, In the last post we discussed Contract Life Cycle and its 4 stages. Please click on below link to read this post again http://www.rkstrainings.com/contract-life-cycle-and-its-various-stages/ In this post, we are going to discuss the meaning and definition of other key terms related to Contracts i.e. Contract Formation, Administration and Management. Contract life cycle explains the activities under Contract Formation and Administration. This post […]
Contract Life Cycle and its various stages
Dear Readers, In previous posts we discussed the meaning and definition of Contract, Agreement and Consideration. Subsequent posts briefly touched Contracts Laws and Principles. To read last posts again, please click on link below; http://www.rkstrainings.com/contract-principles-equity-justice-and-reasonableness/ In this post, let us discuss Contract Life Cycle and its 4 distinct stages as mentioned below A) Stage 1 of Contract Life Cycle – Identifying […]
Contract Principles – Equity, Justice and Reasonableness
Dear Readers In the earlier posts we covered two important acts related to Contracts and Procurements i.e. Indian Contract Act and Sale of Goods Act. To read this post again, please click the link below: http://www.rkstrainings.com/sale-of-goods-act-law-governing-supply-contracts/ In this post we are going to discuss Contract Principles. These principles not only are the basis of enacting such laws, but, courts also […]
8 Essential Elements of a Valid Contract (2)
Dear Readers, In the last post, we discussed the following four (4) key ingredients of a valid contract. Please click on the link below to read this post again; A) Offer and Acceptance B) Intention to Create Legal Relationships C) Lawful Consideration D) Lawful Object http://www.rkstrainings.com/8-essential-elements-of-a-valid-contracts-1/ In view of the above, let us now discuss […]
8 Essential Elements of a Valid Contracts (1)
Dear Readers, In the previous posts, we covered the meaning and definition of key terms such as: Contract, Agreement and Consideration. Also, we discussed that an agreement without consideration is void. Please click on below link to read this post again http://www.rkstrainings.com/what-do-we-mean-by-consideration/ Hence, one may wonder whether these are the only two necessary ingredients of a valid contract. In […]
What is Consideration
Dear Readers, In the second post, we covered meaning of important term called Agreement. We discussed that an agreement is defined as every promise and every set of promises forming consideration for each other. Please click on link below to read the post again http://www.rkstrainings.com/agreement-meaning-and-definition/ In view of the above, it is imperative to know what is Consideration, in order to […]
Agreement – Meaning and Definition
Dear Readers In the first post we discussed the meaning and definition of key term called Contract. Please click on below link to read it again http://www.rkstrainings.com/what-is-a-contract-should-it-be-in-writing/ We have observed that the definition of Contract revolves around the term Agreement. Therefore, in order to have in-depth understanding of the term Contract, it is important to know what is Agreement. The purpose […]