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The Indian Contract Act, 1872 [1] prescribes the law relating to contracts in India and is the key regulating Indian contract law. Then the principles of English Common Law. It is applicable to all the states of India. It determines the circumstances in which promises made by the parties to a contract shall be legally binding.
Trust law in India is mainly codified in the Indian Trusts Act of 1882, which came into force on 1 March 1882. It extends to the whole of India except for the state of Jammu and Kashmir and Andaman and Nicobar Islands. Indian law follows principles of English law in most areas of law, but the law of trusts is a notable exception.
The history of contract law dates back to ancient civilizations and the development of contract law has been heavily influenced by Ancient Greek and Roman thought. There have been further significant developments in contract law during and since the Middle Ages and especially with the development of global trade .
Contracts for the benefit of a group, where a contract to supply a service is made in one person's name but is intended to sue at common law if the contract is breached; there is no privity of contract between them and the supplier of the service.
Contract law in the majority of civil law jurisdictions is part of the broader law of obligations codified in a civil or commercial code clearly outlining the extent to which public policy goals limit freedom to contract and adhering to the general principle that the sole formal requirement for a contract to be formed is the existence of a ...
Pacta sunt servanda [1] ("agreements must be kept.") is a brocard and a fundamental principle of law which holds that treaties or contracts are binding upon the parties that entered into the treaty or contract. [2] It is customary international law. [3]
In contract law, the need for ratification often arises in two ways: if the agent attempts to bind the principal despite lacking the authority to do so; and if the principal authorizes the agent to make an agreement, but reserves the right to approve it. An example of the former situation is an employee not normally responsible for procuring ...
Non-solicitation agreement provisions—alongside the non-compete clause (NCC) and the non-disclosure agreement (NDA)—constitute one of three restrictive covenants frequently found within a business contract. They may be entered into with both employees and independent contractors—in addition to multiple entities—as part of a larger ...