STUDY TO ENLIGHTEN YOURSELF
FRAUD VS MISREPRESENTATION FRAUD Fraud means dishonestly making a false, untrue or misleading representation with a view to gain or with intention to cause loss. If the fraud results in injury to the deceived party, he/ she may claim damages for the tort of deceit. A contract obtained by fraud is voidable on the grounds…
MISTAKE IN CONTRACT LAW Mistake in contract law is a misconception or error. It means that parties intending to do one thing have by unintentional error done something else. Mistake may be defined as an erroneous belief about something. It refers to either one or both the parties to the contract are not properly understood…
MISREPRESENTATION A misrepresentation is an untrue statement of a material fact made by one party which affects the other party’s decision in corresponding to a contract. If the mis-representation is identified, the contract can be declared void. ACCORDING TO SECTION 18 OF INDIAN CONTRACT ACT, 1872 “Misrepresentation is a form of a statement made preceding…
FRAUD Fraud means dishonestly making a false, untrue or misleading representation with a view to gain or with intention to cause loss. If the fraud results in injury to the deceived party, he/ she may claim damages for the tort of deceit. A contract obtained by fraud is voidable on the grounds of fraudulent misrepresentation….
COERCION VS UNDUE INFLUENCE The difference between coercion and undue influence is as follows: COERCION Coercion means using force to compel a person to enter into a contract. So force or threats are used to obtain the consent of the party under coercion, i.e it is not free consent. ACCORDING TO SECTION 15 OF INDIAN…
UNDUE INFLUENCE The term ‘undue influence’ means the improper or unfair use of one’s superior power in order to obtain the consent of a person who is in a weaker position. ACCORDING TO SECTION 16 OF INDIAN CONTRACT ACT 1872 “When the relations between the two parties are such that one party is in a…
COERCION Coercion means using force to compel a person to enter into a contract. So force or threats are used to obtain the consent of the party under coercion, i.e it is not free consent. ACCORDING TO SECTION 15 OF INDIAN CONTRACT ACT, 1872 “Coercion is committing or threatening to commit any act forbidden by…
FREE CONSENT IN CONTRACT For a contract to be valid, it is necessary that the parties provide free consent to be terms. If the contract were not with free consent, the contract would be voidable by the other party whose consent was not taken or was not free. Consent is said to be free only…
COMPOSITION LEVY Composition levy scheme under the law is for small businesses. This is to bring relief to small businesses so that they need not be burdened with the compliance provisions under the law. Thus, an option has been provided where they can opt to pay a fixed percentage of turnover as fees in lieu…
LEVY AND COLLECTION OF GST Levy means import of the tax as well as the assessment of the tax. Assessment of the tax is done to ascertain the liability arising under the law. Collection of the tax is done as prescribed under the law. Section 9 of CGST Act/SGST Act and Section 5 of IGST…
