VALID CONSIDERATION
Valid Consideration means something in return i.e. Quid Pro Quo. It is a price that the promisor agrees to pay to the promisee to form a valid contract.
Author: commerceiets
VALID ESSENTIALS OF ACCEPTANCE
ACCEPTANCE The valid essentials of Acceptance are as follows: According to Section 2(b) of Indian Contract Act, 1872 “When the person to whom the proposal is made signifies his assent, it is an acceptance of the proposal and accepted proposal is called a promise or an agreement”. Thus, when the offeree to whom the proposal…
KINDS OF OFFER IN BUSINESS LAW
Offer is an expression of will or intention and also known as proposal. An offer may be express, implied, general, specific, counter, cross and standing.
ESSENTIALS OF VALID OFFER
ESSENTIALS OF VALID OFFER WHAT IS OFFER? The term offer is also known as proposal. It is the starting point in the formation of a contract. According to Section 28 of the Indian Contract Act, 1872 “When one person signifies to another his willingness to do or abstain from doing anything with a view to…
INDIAN CONTRACT ACT 1872
The Indian Contract Act was enacted on 25th April, 1872 and came into force on the first day of the September 1872. It is applicable to every state of India except the state of Jammu and Kashmir. It contains the general principles regarding contracts.