The term "indemnity" means literally "protection against loss." In an indemnity contract, one party is the indemnifier, while the other party promises to indemnify the indemnifier, i.e., seek indemnity for the damage caused to the other party. Indemnity is a promise to protect a person who is not at fault from the consequences of an act. Contract of Indemnity An indemnity contract also covers damages caused by factors other than humans, such as fires and other natural disasters. A contract of indemnity is defined under Section 124 of the Indian Contract Act of 1872 as − "A contract in ... Read More

A guarantee means that they are completely responsible for the actions of another person. In a guaranteed contract, the surety guarantees loan repayment on behalf of the borrower who fails to fulfill the debts. As a result, it seeks to protect the other party from loss. The Indian Contract Act of 1872 governs the guarantee contract. It includes three parties, one of whom serves as a surety if the breaching party fails to fulfill its responsibilities. Guarantee contracts are ones in which one party necessitates a loan, commodities, or work opportunities. Meaning of Contract of Guarantee A guarantee contract is ... Read More

Agency is defined as a relationship between two people in which one person has the authority to act on behalf of another, thereby entitling him or her to a legal relationship with the third party. In an agency contract, there are two parties: the principal and the agent. The agency contract is based on the fact that one person cannot perform all transactions; thus, he can appoint someone else to do or act on his behalf. In an agency contract, the agent is not only the bridge between the principal and the third party, but he may also hold ... Read More

According to Section 6 of the Indian Contract Act, 1972, a "Contract of Guarantee" is a type of contract that deals with the performance of a promise or the discharge of a third party's liability and breaches in the event of their default. What is the Meaning of Guarantee? A guarantee is frequently either oral or written. A guarantee contract has three parties, with the surety acting as the party to fulfill the obligations and liabilities of the defaulting party. The three parties to the guarantee contract are − Surety − the person or entity who ... Read More

The word "contingent" refers to a future event that cannot be predicted accurately. A contingent contract is pretty practical or popular type of contract that more often most of us perform. Its enforceability is based on a future event. A contingent event is one whose occurrence or existence is dependent on the influence or occurrence of another event. What does Contingent Contract Exactly Define? A contingent contract is one in which the enforceability of the contract is directly dependent on the occurrence or non-occurrence of an event. A contingent contract, according to Section 31 of the Indian Contract Act ... Read More

A contract is an extremely important concept in every nation's commerce and trade. It is a legal agreement between two or more parties that specifies certain obligations that apply to both parties during the term of the contract. It helps to a country's Gross Domestic Product (GDP) and overall growth. A breach of contract arises when a party fails to perform his or its legal obligations. Sections 73-75 of the Indian Contract Act of 1872 describe the consequences of contract breach. Breach of Contract A breach of contract occurs when one or more parties to a contract actively breaks ... Read More

Transfer of property in day-today life is very common. Transferor (owner of the property) and transferee (in whose name property is being transferred) more often perform such transactions for personal or business purpose. However, to make such transfer valid, there are certain criteria (defined under the Transfer of Property Act, 1882) that must of be fulfilled. Section 7: Persons Competent to Transfer Section 7 of the Transfer of Property Act sets the eligibility criteria for transferring one's property. According to the transfer of property rule, only an individual who is competent to enter into a contract with others is ... Read More

Section 10 of the Transfer of Property Act of 1882 establishes the condition restricting the alienation of property. According to this provision, if the transferee is restricted from transferring his interest in his property to another person due to a condition that arose when the property was transferred to the transferee, the condition will be declared null and void, but the transfer will remain valid. Condition Restraining Alienation (Section 10) This section states that if a property is transferred subject to any condition that absolutely restrains the transferee from disposing of the property, the condition is void, with the exception ... Read More

In the USA, this idea was widely embraced and applied to resolving labor disputes. Collective bargaining as a means of resolving labor problems is relatively new in India. The greatest approach is collective bargaining, since it allows the disputants to get together and settle their disputes amicably and respectfully. Meaning of Collective Bargaining Collective bargaining simply refers to negotiations or bargaining that takes place between employers and employees. Sydney and Beatrice were the first to use the term "collective bargaining" in 1891. They defined collective bargaining as "a procedure by which workers get together and send senates to convey ... Read More

A significant group of individuals who have suffered the same or similar injuries as the defendant file a class-action lawsuit on their behalf in court. Another name for this type of case is representative action. A single group of people speaking for a larger group asks the court to address their complaints. In the United States, class actions were first introduced in 1938. A "class action, " also referred to as a "representative action, " is a type of lawsuit in which a sizable group of people jointly assert a claim before the court through a representative. ... Read More