Communication, Acceptance and Revocation of Proposals

Section 3 of the Indian Contract Act, 1872 provides for Communication, acceptance and revocation of proposals which reads as follows: 3. Communication, acceptance and revocation of proposals. The communication of proposals, the acceptance of proposals, and the revocation of proposals and acceptance, respectively, are deemed to be made by any act […]

Interpretation Clause under Section 2 of the Indian Contract Act, 1872

Section 2 of the Indian Contract Act, 1872 provides for Interpretation Clause which reads as follows: 2. Interpretation – clause In this Act the following words and expressions are used in the following senses, unless a contrary intention appears from the context:— (a) When one person signifies to another his willingness […]

Defaulting pawnor’s right to redeem

Section 177 of the Indian Contract Act 1872 protects pawnor’s right to redeem. It reads as follows:- “177. Defaulting pawnor’s right to redeem. If a time is stipulated for the payment of the debt, or performance of the promise, for which the pledge is made, and the pawnor makes default in […]

Dissolution of Partnership; What is the Stamp duty?

It is trite that a partnership firm is not a separate legal entity having no existence apart from that of the partners. Whatever property or assets brought into the partnership or subsequently acquired by it would be the property of the firm and none can separately deal with it despite […]