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Guarantees 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."....
Read MoreIn the legal world, there are situations where someone provides services or delivers goods without a fixed contract price or when a contract becomes invalid. In such cases, the person who performed the work still deserves to be paid for their effort. This idea is captured in the concept of quantum meruit, which literally means “as much as is deserved” or “as much as earned.” In this article, we’ll explore the basic meaning, conditions, and use of quantum meruit in....
Read MoreContracts form the foundation of legal and commercial relationships. When one party does not follow through on their agreed terms, the situation is referred to as a breach of contract. It is a common issue in both personal and business dealings, and understanding its meaning and consequences is essential for every law student. Understanding Breach of Contract A breach of contract happens when one of the parties fails to fulfill the terms of a valid agreement—be it oral or written—without....
Read MoreSometimes, we benefit from someone’s action or effort, even if we didn’t ask for it. But does that mean we can enjoy it without any responsibility? Section 70 of the Indian Contract Act answers this question. It talks about situations where a person does something for someone else without intending to do it for free, and the other person enjoys or uses that benefit. In such cases, the person receiving the benefit must either pay for it or return the....
Read MoreIn contract law, obligations usually arise from agreements entered into by parties. However, there are some special situations where the law itself creates obligations between parties even when there is no formal contract. These are called quasi-contracts. The concept is based on fairness, equity, and preventing one party from unjustly benefiting at the expense of another. Understanding Quasi-Contract A quasi-contract is not a real contract because it is not formed by mutual consent. Instead, the court imposes it to prevent....
Read MoreIn contract law, there are situations where a person is legally bound to another, not because of a mutual agreement, but because the law sees it as fair and necessary. These types of obligations are called quasi-contracts. They are not real contracts formed by offer and acceptance, but they resemble contracts because they impose duties as if a contract existed. In Indian law, this concept is covered under Sections 68 to 72 of the Indian Contract Act, 1872, and is....
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