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 […]
What is a Contract
Welcome to www.rkstrainings.com. Here I wish to share my knowledge and experience on Contracts with prospective readers. I wish to do this by writing series of blog post based on my understanding on the subject. I request your participation and believe that your valuable comments on posts could bring further enrichment to the subject. This being the […]
Indian Contract Act – Law Governing Contracts
Hi Readers In previous posts, we have discussed that contractual relationships between the parties are enforceable by law. Therefore, it is important to know the law related to Contracts. In India, Indian Contract Act governs and regulates contracts and commercial agreements between the parties. Therefore, let us try to understand the act and its significance for contractual relationships. This […]