Coercion

Definition: Coercion is the primary element that vitiates free consent of the party. It refers to the method of inducing another party to act in a certain manner, which is against their will. In coercion, one party commits or threatens to commit an act which is not permissible under the Criminal Code. It also covers…

Read more

Marketing

Definition: Marketing refers to a systematic process for creating, communicating, delivering and exchanging the offering, having value to the customers and also for building and managing the strong relationship with the customers and suppliers which is profitable to the organization and stakeholders as well. Marketing Mix The conventional means of understanding the basic components of…

Read more

Prospectus

Definition: Prospectus is an offer document or information brochure issued by a public company used for inviting offers from the general public for subscribing the shares. It contains all the material information as to the price and number of shares/convertible shares being offered for sale to the public, which helps the investors to take a…

Read more

Consideration

Definition: In common parlance, consideration refers to something paid to someone in return for something else. In legal terminology, it can be understood as the price or compensation which has to be paid by the promisee to the promisor for doing or not doing an act. Consideration is necessary for a valid contract, in the…

Read more

Contract of Indemnity

Definition: In common parlance, the word ‘indemnity’ implies reimbursement against financial loss or protect someone from incurring a loss. In law, Contract of indemnity can be defined as a legal contract between two persons whereby one party commits to indemnify, i.e. to compensate or reimburse, the loss incurred to the other party, by the conduct…

Read more

Contract of Agency

Definition: Agency can be defined as the relationship between two persons, wherein a person has the authority to act on behalf of another, bind him/her into a legal relationship with the third party. There are two parties in a contract of agency – principal and agent. Contract of Agency is based on the fact that…

Read more

Pledge

Definition: Pledge can be defined as that special form of bailment in which goods are bailed as security by one party to another, for the repayment of debt or performance of a promise. The party who deposits the goods is the bailor, called as pawnor, whereas the party who takes the possession of the goods…

Read more

Bailment

Definition: In basic terms, bailment implies the “change in possession” or “to hand over”. As per Contract Act, bailment can be understood as the transaction wherein delivery of any item by an individual (bailor) to another individual (bailee) takes place with a specific objective, under a contract. The contract states that the item has to…

Read more

Voidable Contract

Definition: Voidable contract is that form of a contract, wherein one party to the contract has the right to put it to an end if it is discovered that the contract contains some defects, concerning the lack of free consent. This means that the party, whose consent is influenced, is in a position to deny…

Read more

Void Contract

Definition: Void Contract, as the name suggests is a contract which fails to be enforceable by the court of law, is said to be a void contract, at the time when it discontinues enforceability. Hence we can say that any contract, which cannot be legally enforceable or which does not have any legal effect is…

Read more