What is the purpose of a contract?

What is the purpose of a contract?

However, the purpose of a written contract is to provide certainty as to what has been agreed and the process of writing and negotiating the contract can be invaluable in drawing out each party’s motivations and requirements. A contract does not have to be complicated.

What are the two basic elements of consideration?

Thus, there are two basic elements to consideration: (1) Legal Sufficiency (something of value in the eye of the law) and (2) bargained for exchange. Both must be present to satisfy the requirement of consideration.

Which agent gets extra remuneration?

del credere agent

How agency is created?

Creation of Agency An agency can be created by: Direct (express) appointment– The standard form of creating an agency is by direct appointment. When a person, in writing or speech appoints another person as his agent, an agency is created between the two.

What are the rights of the buyer?

Contract of Sale – Rights of a Buyer

• He has the right to have delivery of the goods as per the contract.
• If the seller does not send, as per the contract, the right quantity of goods to the buyer, the buyer can reject the goods.
• The buyer has a right not to accept delivery of the goods by installments by the seller.

What are the rights and duties of the buyer?

Rights and Duties of Buyer and Seller in a Contract of Sale:

• Seller:
• Buyer:
• 1). Right to have delivery of goods:
• 2). Right to Reject:
• 3). Right to Cancel:
• 4). Right to claim damages:
• 5). Right to Examine:
• 6). Right to sue for performance:

What are the rights of an unpaid vendor?

Rights of Unpaid Seller Against Buyer

• 1] Suit for Price.
• 2] Suit for Damages for Non-Acceptance.
• 3] Repudiation of Contract before Due Date.
• 4] Suit for Interest.
• 1] Damages of Non-Delivery.
• 2] Suit for Specific Performance.
• 3] Suit for Breach of Warranty.
• 4] Repudiation of Contract.

How may the unpaid seller’s right of lien be lost?

According to subsection (1) of Section 49 of the Sale of Goods Act, 1930, an unpaid seller loses his lien: If he delivers the goods to a carrier or other bailee for transmission to the buyer without reserving the right of disposal of the goods. When the buyer or his agent obtain possession of the goods lawfully.

When the right of lien can be exercised by the seller?

The right of lien can be exercised if the seller is still in possession of the goods even though his capacity is not that of the seller but only that of an agent or bailee of the buyer. charges for the two months, the seller can exercise his right of lien in respect of such goods.

What is unpaid seller Lien?

Under the terms of an unpaid seller’s lien, vendors who haven’t received full payment for the goods or services that they’ve promised to their buyers retain an interest in the property.

What is a seller’s lien?

The legal right a seller has to retain the title and possession of goods that are sold until the full price is paid.

How bailment can be terminated?

A bailment is ended when its purpose has been achieved, when the parties agree that it is terminated, or when the bailed property is destroyed. Once a bailment ends, the bailee must return the property to the bailor or possibly be liable for conversion.

Who is an unpaid seller in contract?

UNPAID SELLER: ACCORDING to sec45(1) of sale of goods act,seller og the goods is deemed to be unpaid seller: (A) WHEN whole of the price has not been tendered or paid, or (B)WHEN bill of exchange or negotiable instrument has been received as a conditional payment.