Meaning of Contract of Indemnity A contract of indemnity is defined under Section 124 of the Indian Contract Act, 1872 as a contract in which […]
Category: LLB 2nd Sem LAW OF CONTRACT – II [Short Answers]
16. Co-Surities.
Meaning of Co-Sureties When two or more persons stand as sureties for the same debt or obligation of a principal debtor, they are called co-sureties. […]
15. L.L.P.
Meaning of LLP A Limited Liability Partnership (LLP) is a unique form of business organization introduced in India under the Limited Liability Partnership Act, 2008. […]
14. Sleeping Partner.
Meaning of Sleeping Partner A sleeping partner is a type of partner in a partnership firm who contributes capital and shares profits and losses but […]
13. Unpaid Seller
Meaning of Unpaid Seller Under the Indian Sale of Goods Act, 1930, an unpaid seller is one to whom the whole price of goods has […]
12. Delegation of Authority.
Meaning of Delegation of Authority Delegation of authority means the transfer of decision-making power or responsibility from one person to another, usually from a higher […]
11. Hire Purchase Agreement
Meaning of Hire Purchase Agreement A Hire Purchase Agreement (HPA) is a contract in which the owner of goods (the seller) allows another person (the […]
10. Surety.
Meaning of Surety A surety is a person who promises to the creditor to fulfill the debt or obligation of another (the principal debtor) in […]
9. Pledge by non-owner.
Meaning of Pledge by Non-Owner Normally, only the owner of goods has the right to create a valid pledge. However, under certain circumstances, even a […]
8. Indemnity
Indemnity – Meaning and Definition The term indemnity means to make good the loss of another person. Under Section 124 of the Indian Contract Act, […]