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Section 17 of the Transfer of Property Act, 1882 talks about a legal principle known as the rule against accumulation. This rule is meant to prevent the income from a property like rent or profits from being stored up or saved indefinitely instead of being used. The idea is that the person for whom the property was intended should actually get the benefit of it, not just in theory but within a reasonable period. While temporary accumulation is allowed, the....
Read MoreBailment is a legal relationship where one person (the bailor) hands over goods to another person (the bailee) for a specific purpose, under the condition that the goods will be returned once the purpose is fulfilled. This arrangement is common in everyday transactions, and both parties have specific rights and duties under the Indian Contract Act, 1872. Let’s take a brief look at the rights and responsibilities of the bailee and bailor, along with when and how bailment ends. Rights....
Read MoreA pledge, also known as pawn, is a special type of bailment where goods are given as security for the repayment of a loan or the performance of a promise. In this arrangement, the person giving the goods is called the pawnor (or pledger), and the person receiving them is known as the pawnee (or pledgee). The pawnee holds on to the goods until the loan is repaid or the promise is fulfilled. Once that happens, the goods are returned....
Read MoreBailment is a common legal concept that we often see in daily life, even if we don’t realize it. It refers to a situation where the owner of goods (called the bailor) hands over those goods to someone else (called the bailee) for a specific reason or purpose. Once that purpose is completed, the goods are to be returned or dealt with as the bailor instructs. This arrangement is based on trust and often forms the basis of various service-based....
Read MoreA surety is someone who promises to take responsibility for another person’s debt or obligation if they fail to meet it. Under the Indian Contract Act, 1872, a surety can be discharged from this responsibility under certain situations. Sections 130 to 141 of the Act clearly explain when and how a surety is released from liability. This article simplifies these legal provisions and explains them with illustrations and case examples. Situations When a Surety is Discharged By Revocation of Continuing....
Read MoreGuarantees play an important role in contracts, especially in business transactions where one party assures the other about the performance or repayment by a third party. Under the Indian Contract Act, 1872, Section 129 deals specifically with continuing guarantees. Unlike a one-time or simple guarantee, a continuing guarantee covers a series of transactions and creates ongoing responsibility for the surety. This article breaks down the concept of continuing guarantee, its revocation under Section 131, and how it differs from a....
Read MoreContracts of indemnity and contracts of guarantee are two important types of agreements under the Indian Contract Act, 1872. Though both involve promises to protect against loss, they are legally different in terms of the number of parties involved, the nature of liability, and how they are enforced. These differences are crucial to understand for anyone studying contract law or dealing with financial or legal obligations. Parties Involved The most basic difference is the number of parties involved. A contract....
Read MoreIf you're pursuing a degree in law, one of the most impactful and enriching experiences you'll encounter is participating in a moot court. A moot court is a simulated court proceeding where law students argue imaginary cases for practice. But more than just a co-curricular activity, moot courts play a pivotal role in shaping a law student's career. This blog will explore the objectives of moot court, highlight moot court competitions in India, explain the role of moot courts in....
Read MoreIn legal terms, a contract of indemnity is a promise by one party to protect another from potential losses. This concept becomes relevant when we look at insurance contracts, which are meant to provide financial protection against uncertain events. But the question arises: are all insurance contracts, contract of indemnity under Indian law? To understand this, we must examine the meaning, similarities, and differences between both types of contracts, and also analyze how the Indian Contract Act treats them. Understanding....
Read MoreA contract of indemnity is a legal agreement where one person promises to protect another from any loss or damage that may happen due to specific reasons. As per English law, it means a promise to save someone from the consequences of an act, which can include losses caused by other people or even natural events like fire or accidents. In simple terms, indemnity means "to make up for a loss" or "to compensate someone who has suffered a loss."....
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