Special Contract (Indian Contract Act, Indian Partnership Act, Sale of Goods Act and Negotiable Instruments Act)
Dr. Harisingh Gour Vishwavidyalaya · LL.B. Semester 2 · LAW-CC-212
Unit I — Indemnity
The concept · Need for indemnity to facilitate commercial transactions. · Methods of creating indemnity obligations. · Definition of Indemnity · Nature and extent of liability of the indemnifier · Commencement of liability of the indemnifier · Situations of various types of indemnity creations. · 2. Guarantee · The concept. · Definition of guarantee: as distinguished from indemnity. · Basic essentials for a valid guarantee contract. · The place of consideration and the criteria for ascertaining the existence of consideration in guarantee contracts. · Position of minor and validity of guarantee when minor is the principal debtor, creditor or surety. · Continuing guarantee. · Nature of surety’s liability · Duration and termination of such liability · Illustrative situations of existence of continuing guarantee. · Creation and identification of continuing guarantees. · Rights of surety: · Position of surety in the eye of law · Various Judicial interpretations to protect the surety · Co-surety and manner of sharing liabilities and rights. · Extent of surety’s liability. · Discharge of surety’s liability.
Unit II — Bailment
Identification of bailment contracts in day today life. · Manner of creation of such contracts · Definition of bailment · Kinds of bailors and bailees · Duties of Bailor and Bailee towards each other · Rights of bailor and bailee · Finder of goods as a bailee. · Liability towards the true owner. · Obligation to keep the goods safe · Right to dispose of the goods. · 2. Pledge · Pledge: comparison with bailment · Definition of pledge under the Indian contract Act · Rights of the pawner and pawnee. · Pawnee’s right of sale as compared to that of an ordinary bailee · Pledge by certain specified persons mentioned in the Indian Contract Act.
Unit III — Unit III (untitled in print)
Agency · Identification of different kind of agency transactions in day to day life in the commercial world · Kinds of agents and agencies. · Distinction between agent and servant. · Essentials of a agency transaction · Various methods of creation of agency · Delegation · Duties and rights of agent · Scope and extent of agents’ authority. · Liability of the principal for acts of the agent including misconduct and tort of the agent. · Liability of the agent towards the principal. · Personal liability towards the parties · Methods of termination of agency contract · Liability of the principal and agent before and after such termination.
Unit IV — Unit IV (untitled in print)
Partnership · Nature of partnership: definition · Distinct advantages and disadvantages vis-a-vis partnership and private limited company · Mutual relationship between partners · Authority of partners · Admission of partners. · Outgoing of partners. · Registration of Partnership · Dissolution of Partnership
- Forms of business organization
- Factors taken into consideration for choice of organization
- Definition of Partnership & Essentials Kinds of Partnership Partnership Property
- Rights and Duties of a Partner
- Implied Authority of a Partner
- Minor Admitted to the benefits of Partnership Incoming and Outgoing Partner Registration of Partnership Firm Dissolution of Partnership
- Public Notice in case of Partnership
Unit V — Sale of Goods
Concept of sale as a contract · Essentials of contract of sale · Effect and meaning of conditions and warranties in a sale · Implied terms in contract of sale · The rule of caveat emptor and the exceptions thereto under the Sale of Goods Act. · Unpaid seller and his rights · 2. Negotiable Instruments · The concept · Various kinds · Essential requirements to make an instrument negotiable. · Competent parties for making and negotiation · Acceptance of the instrument. · Dishonor by non acceptance and non-payment and remedies available to the holder · Holder and holder in due course: meaning, essential conditions rights and privileges of holder in due course and endorsee from the holder in due course. · Presentment of the instrument. · Cheques: rules regarding payment of cheque · Dishonor of cheque and its effect. · Discharge from liability
- Significance of transfer of property
- Concept of buyer and seller
- Difference between sale and hire purchase
- Difference between sale and Agreement to Sell Condition and Warranty
- Delivery of goods and its rules
- Rules relating to passing of the property
- Unpaid Seller — Rights and Remedies Auction Sale
- Negotiable Instruments Act, 1881