Contract Law: Indemnity, Guarantee, Bailment, and Partnership, Assignments of Contract Law

Download Contract Law: Indemnity, Guarantee, Bailment, and Partnership and more Assignments Contract Law in PDF only on Docsity! [Contract-2] [Page 1 of 8] Contract-II (Special Contracts) Unit-1: Contract of Indemnity Define contract of indemnity and what are the rights of an indemnity holder? J2019 Define contract of indemnity. State the distinctions between contract of indemnity and contract of guarantee D2019 Define contract of indemnity. State the distinctions between contract of indemnity and contract of guaranteeD2019 I).Introduction II).Definition/Interpretation III).Example/Illustration IV).Parties of Indemnity contract V).Case laws for Indemnity contract 1).Claiming indemnity 2).Implied Indemnity VI).Essentials/Features/Nature of indemnity contract 1).Valid contract 2).Anticipated loss 3).To saves other party 4).Covers only the actual loss 5).Depend on good faith 6).May be expressed or implied VII).Rights of an indemnity holder (Promisee)PYQ 1).All Damages 2).All Costs 3).All Sums VIII).Rights of Indemnifier (Doctrine of Subrogation) 1).Rights when IH acts negligently 2).Rights when IH acts with bad intention 3).Rights when IH acts against Promisor 4).Rights against third party 5).Rights for damages (compensation) IX).d/b Contract of Indemnity and Contract of GuaranteePYQ 1).Purpose of contract 2).Number of Parties 3).Number of contracts 4).Nature of liability 5).Consideration 6).Commencement of liability 7).Discharge from liability 8).Nature of contract 9).Right to reimbursement 10).Number of promisor 11).Scope Unit-1: Contract of Guarantee Explain the rights of the surety J2019 Write a short note on: Continuing contract of guarantee J2019 What is contract of guarantee? Explain the various modes of discharge of surety from his liability D2019 Write a short note on ‘Rights of the surety’ D2019 I).Definition II).Parties of Contract of Guarantee 1).Surety 2).Principal debtor 3).Creditor III).A Surety and his liability 1).Surety is co-extensive 1.1).Info 1.2).Case law a).<Narayan Singh v. Chhatarsingh and , 1973> b).<Harigopal Agrawal v. State Bank Of Inida, AIR 1956> c).<Kelappan Nambair v.kunhi Raman, AIR 1957> [Contract-2] [Page 2 of 8] 2).A surety in continuing guarantee 2.1).Info 2.2).example IV).Rights of SuretyPYQ 1).Rights against the Creditor 1.1).Right to Claim Securities (Sec-141) a).When surety can recover all the securities? 1.2).Right to Request/Before the Payment of the Debt Guaranteed 1.3).Rights in Case of Fidelity Guarantee (Sec-129) 1.4).Right of Equities 1.5).Right of Set-off (or) Doctrine of Equitable Set-Off 2).Rights against the Principal Debtor 2.1).Right of subrogation/Rights on payment or performance (Sec-140) 2.2).Rights to indemnity (Sec-145) 2.3).Right to be Relieved Earlier 3).Rights against the co-sureties 3.1).Effect of releasing a surety (Sec-138) 3.2).Right to contribution (Sec-146) 3.3).Right to recover (Sec-147) V).Mode of discharge of surety from his liabilityPYQ 1).By Revocation 2).By Death 3).By Variance in the terms of the contract 4).By Release/discharge of principal debtor (Sec-134 of ICA) 5).By Creditor not to sue principal debtor (Sec-135 ICA) 6).By Creditor's act/omission impairing surety's eventual remedy 7).By Loss of Security by the Creditor (Sec-141) 8).By Invalidation of Contract 9).By Novation VI).Continuing guarantee (Surety) PYQ 1). Continuing guarantee-Meaning 2). Features of continuing guarantee 3). Revocation of continuing guarantee 4). Modes of Revocation of Continuing Guarantee 5).Case laws Unit-2: Contract of Bailment Define contract of bailment and what are the features of contract of bailment? J2019 What is Bailment? Explain its important features with decided cases. D2019 I).Basics of bailmentBasic 1).Introduction 2).Definition-Bailment, Bailor, Bailee 3).Explanation 4).Illustration II).Essentials/Features/Elements of BailmentPYQ 1).Agreement 2).Delivery of goods 3).Return of goods 4).Movable Property 5).Definite Purpose 6).Exception III).Duties of BailorGen 1).Disclosure of known faults: 2).Bear unordinary expenses of bailment: 3).Indemnification of bailee: 4).Receive backs the goods: IV).Duties/Liabilities of Bailee Gen 1).Reasonable care of the goods 2).Not use the goods inconsistently with the contract 3).Not to mix the goods bailed with own goods 4).Not to set up an adverse title 5).Return accretion to the goods 6).Return the goods V).Rights of Bailor Gen 1).Enforcement of Rights [Contract-2] [Page 5 of 8] 3.10).Sub – Partner: III).Rights of partners PYQ 1).Right to take part in the conduct of the business [Section 12(a)] 2).Right to be consulted [Section 12 (c)] 3).Right to Access and inspect the books [Section 12(d)] 4).Right to Claim Remuneration [Section -13(a)] 5).Right to Profit [Section -13(b)] 6).Right to Interest on Capital [Section -13(c)] 7).Right to Interest on Advance [Section -13(d)] 8).Right to Indemnify [Section -13(e)] 9).Right to stop the admission of a new partner [Section -31] 10).Right to retire [Section -32(1)] 11).Right not to be expelled [Section -33] 12).Right of outgoing partner to carry on a competing business [Section -36(1)] 13).Right of outgoing partner to share subsequent profits [Section -37] 14).Right to dissolve the firm [Section -40] IV).Duties of partners PYQ 1).General duties of a partner [Section-9] 2).To indemnify for fraud [Section-10] 3).To indemnify for willful neglect [Section-13(f)] 4).To attend duties diligently without remuneration [Section-12(b), 13(a)] 5).To share losses [Section-13(b)] 6).Proper use of Partnership Firms Property [Section 15] 7).To account for any profit [Section-16(a)] 8).To account and pay for profits of competing for business [Section-16(b)] V).Registration of a firm as a partnership firm PYQ 1). Preparations for registration 1.1).Making an application 1.2).Naming a Partnership Firm 1.3).Supportive documents along with application a).Application b).Affidavit c).Partnership Deed d).PAN card of partners e).Address proof of partners f).Address Proof of firm f1).For rented place f2).For own place 1.4).Fee for Registration 2).Submit an application 3).Verification of an application 4).Appeal against order of registrar 5).Entry of Statement in a Register VI).Other registration required for Partnership firm PYQ 1).Apply PAN Card for firm (Form 49A) 2).Open a Bank Account 3).GST Registration VII).Consequences/Effects of non-registration PYQ 1).No suit by a partner against other partners or firm: 2).No suit against any third party: 3).No suit by a partner against dissolved firm: 4).No right to counter claim or to claim setoff: 5).No right to enter into arbitration proceedings: 6).A third party can sue the firm: VIII).Discuss the different mode of dissolution of partnership firm PYQ 1).Meaning of dissolution of partnership firm 2).Various Modes of Dissolution of Partnership Firm 2.1).By Agreement (section 40) 2.2).Compulsory dissolution (section 41) 2.3).By the happening of certain events (section 42) 2.4).By the partnership at will (section 43) 2.5).By the court (section 44) a).Unsound mind/insanity: b).Incapability: c).Misconduct: d).Continuing Breach of Contract: e).Transfer of interest: f).Perpetual or Continuous losses: g).Other grounds [Contract-2] [Page 6 of 8] Unit-5:Contract_of_Sale Define contract of sale and what are the distinctions between sale and an agreement to sell? J2019 Who is an unpaid seller? And what are the rights of an unpaid seller? J2019 Write a short note on: Doctrine of caveat emptorJ2019 Explain the rights of an unpaid sellerD2019 “No one can transfer a better title than he himself has.” Explain this statement. D2019 Write a short note on “conditions and warranties.”D2019 I).Contract of SalesBasics 1).Introduction 2).Meaning of Contract of sales 3).Types of Contract of sales 4). Distinction between sale and agreement to sell II).Essentials of contract of saleBasics 1).Two parties 2).Goods 3).Transfer of general property 4).Price 5).Essential elements of a valid contract III).Conditions and Warranties in a Contract of SalePYQ 1).Introduction: 2).Stipulation in a contract of sale: 3).Stipulations as To Time: 3.1).Meaning: 3.2).Definition: 3.3).Explanation: 3.4).Example: 3.5).Illustration: 3.6).Rules for Stipulation as to Time: a).General Rule: b).Time expressly made essence of contract: c).Extended time is also essence of contract. 4).Conditions: 5).Warranty: 6).Identification of a Stipulation as a Condition or Warranty 7).Difference between condition and warranty: 8).When Condition to be treated as Warranty 8.1).Voluntary waiver by buyer: a).Definition: b).Meaning: c).Example: 8.2).Treating the condition as warranty: a).Definition: b).Meaning: c).Example: 8.3).Acceptance of goods by buyer: a).Definition: b).Meaning: c).Example: 9).Express and Implied Conditions and Warranties: 9.1).Meaning of Express and Implied conditions and warranties: a).Express Conditions and warranties: b).Implied Conditions and warranties: 9.2).Various Implied Conditions: a).Conditions as to title  Section 14 (a) b).Condition in case of sale by description Section 15 c).Condition in case of sale by sample Section 17 d).Condition in case of sale by description and sample Section 15 e).Condition as to quality or fitness Section 16(1) f).Condition as to merchantable quality Section 16(2) g).Condition as to wholesomeness h).Conditions implied by custom Section 16(3) [Contract-2] [Page 7 of 8] 9.3).Various Implied Warranties: a).Warranty as to quiet possession Section 14(b) b).Warranty of freedom from encumbrances Section 14(c) 10).Difference b/w Patent defect and Latent defect 11).References IV).Unpaid seller -Meaning and ExamplePYQ 1).Seller 2).Unpaid Seller 3).Example V).Rights of an unpaid sellerPYQ 1).Right against goods after it transferred 1.1).Right of Lien More: Termination or Loss of lien 1.2). Right of stoppage in goods in transit More: Cases to not stoppage the goods in transit Cases not to end of the transit Cases to end of the transit/Termination/loss of right of stoppage 1.3). Right to resale a).If the buyer fails to pay b).If the seller sells without the notice to the buyer 2). Right against goods before it transferred 2.1).Right of withholding delivery 3).Right against the buyer personally 3.1).Suit for price 3.2).Suit for damages for non acceptance 3.3). Suit for special damage and interest VI).Doctrine of caveat emptor (Caution Buyer/Let the buyer beware) PYQ 1).Introduction 2).Case laws 3).Exception to Caveat Emptor 3.1).Purchase by Description [Section 15] 3.2).Purchase by samples and Description [Section 15] 3.3).Fitness for purpose [Section 16 (1)] 3.4).Merchantable Quality [Section 16(2)] 3.5).Consent By Fraud [Section] 3.6).Sale By Sample [Section 17] 3.7).Conditions as to title [Section 14 (a)] VII).Nemo dat quod non habet PYQ (No one can transfer a better title than he himself has) 1).Introduction 2).Rule of ”Nemo dat quod non habet” 2.1).As a basic rule 2.2).As a principle of “derivative” 2.3).As a principle of “first in time is first in right” 3).”Nemo dat quod non habet” in “Sale of Goods Act 1930” 3.1).Meaning 3.2).Definition 3.3).Explanation 3.4).Example 3.5).Case laws 3.6).Concerns on “Nemo dat quod non habet” 4).Exception to “Nemo dat quod non habet” 4.1).Transfer of Title by EstoppelSec-27(1st Para, Last statement) a).Meaning b).Example c).Estoppel in SOGA 1930 d).How Estoppel arises? d1).Estoppel by act or omission: d2).Estoppel by negligence: 4.2).Transfer of Title by Mercantile AgentSec-27(2nd Para)