Tuesday, 27 March 2012

Business Law Notes | Business Law Study Notes

Discharge of Contract

Discharge of Contract Discharge of Contract Discharge of Contract Discharge of Contract

Discharge of Contract :- Discharge means “ termination “ of a contract.

The contract may be discharged in any of following ways –

1. By performance or Tender

2. By agreement or by consent.

3. By impossibility of performance

5. Destruction of the subject matter

6. By death or disablement of parties

7. Subsequent illegality

8. Declaration of war

9. Non existence or non occurrence of a particular state of thing.

10 Unauthorized alteration of term of a written document

11. By breech of contract

Quasi Contracts & what is Quasi Contracts

Quasi Contracts what is Quasi Contracts what are the types of quasi contract…

Quasi Contracts :- A quasi-contract (or implied-in-law contract) is a fictional contract created by courts for equitable, not contractual purposes.
A quasi-contract is not an actual contract, but is a legal substitute for a contract formed to impose equity between two parties

* Quasi Contract is an obligation resembling that created by a contract.

* It is implied Contract.

* The essentials of formation of contracts are absent.

* There is no agreement at all.


Free Consent | What is Free Consent

Free Consent what is Free Consent…


Free Consent :-

"Free consent" - Consent is said to be free when it is not caused by –

1)   coercion

2)   undue influence

3)   fraud

4)   misrepresentation

5)   mistake.

     Consent is said to be so caused when it would not have been given but for the existence of such coercion, undue influence, fraud, misrepresentation or mistake.

Mistake | What Is Mistake

Mistake what is Mistake…



Mistake(s) may refer to:

  • Error
  • Mistake (contract law), an erroneous belief, at contracting, that certain facts are true
  • Mistake (criminal law), or mistake of fact, a defense to criminal charges on the grounds of ignorance of a fact
  • Mistake of law, a defense to criminal charges on the grounds of ignorance of law

Misrepresentation | What Is Misrepresentation

Misrepresentation what is Misrepresentation…



Misrepresentation :- means and includes

1)   the positive assertion, in a manner not warranted by the information of the person making it, of that which is not true, though he believes it to be true.

2)   any  breach, of duty which, without  an intent to deceive, gains an advantage to the person committing it,  or any  one  claiming under him, by misleading  another to his prejudice or to the prejudice of any one claiming under him.

3)   causing, however innocently, a party to an agreement to make a mistake as to the substance of the thing which is the subject of the agreement.

Fraud | What Is Fraud

Fraud what is Fraud…



Fraud :- "Fraud" means and includes any of the following acts committed by a party to a contract, or with his connivance, or by his agent, with intent  to deceive another party thereto of his  agent,  or  to induce him to enter into the contract –

1)   the suggestion, as a fact, of that which is not  true, by one who does not believe it to be true

2) The active  concealment  of  a  fact  by  one  having knowledge or belief of the fact.

3)  A promise made without any intention of performing.

4)  Any such act or omission as the law specially  declares to be fraudulent.