Economic functions of guarantee A guarantee contract allows an individual to obtain a loan, goods on credit, or employment opportunities. In some of the cases the lender, orthe supplier, or the employer that he (the person in need) may be trusted. This type of collateral undertaking is called a“contract of guarantee”. Under English law, a…
INTRODUCTION & DEFINITION The Indian Contract Act of 1872, a component of mercantile laws, was enforced on September 1,1872. Functioning as private law, it draws inspiration from English common law but was enacted by the Indian Parliament, specifically the Calcutta Parliament.Comprising XI chapters, it underwent changes,with Chapter VII on the Sale of Goods and Chapter…
In the Indian Contract Act, 1872, a minor is a person who has not attained the age of majority, which is 18 years old. The Act specifies that agreements entered into by minors are void ab initio,meaning they are void from the beginning and cannot be enforced against the minor. This provision is aimed at…
EFFECTS OF MINOR AGREEMENT 3. Doctrine of restitution- If a minor acquires property or goods by falsely claiming to be of legal age, they can be required to return the property only if it can be traced and is still in their possession. This principle is known as the equitable doctrine of restitution. However, if…
Minors are generally be called as infant under English law. Infants attain majority at the age of 21. There are three types of minor agreement as per common law:- (1) those for his necessaries, (2)those for his benefit and (3) other contracts. First two are valid while the third one is voidable. After this Act…
As per Indian law, no person is competent to contract who is not of the age of majority according to the law to which he is subject,hence a minor is not competent to contract. This proposition is capable of two constructions: either, the minor is absolutely incompetent to contract, and the agreement of the will…
Contracts in India are administered by Indian Contract Act, 1872.Minor is one who is below the age of 18 and doesn’t holdcompetency to contract U/S 11 of ICA. In the case of court-appointed guardian or their property is under the supervision of aCourt of Wards the age will be 21 years. An agreement formed bya…
