Contract Law-II (30 Hours)
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The course on Law of Contract is one of the foundational courses in law and also for most commercial law subjects. We all enter into innumerable agreements and contracts of various types in almost every transaction we do while purchasing any goods and services. We are bound by unimaginable terms and conditions which we hardly have read or understood. The law of contract therefore touches every part of our transaction in daily lives. The stakes of contract increase with the cost of good and services and nature of transactions. Business and trade thrive on the stability provided by agreements and contracts between multiple parties. The study of this law enables a law student to understand complexities of business transactions, value of commitment, rights and liabilities of parties which we often ignore due to ignorance of law. This is one of the most exciting legislations which feeds into almost every private and commercial law that we read and practice as lawyers. Generally, no lawyer can imagine a successful practice without having a fine understanding of the principles of law of contract.
Welcome to the amazing field of agreements and contracts which bind all of us and we still remain quite unaware. This is not just a study of law but gives a broad perspective into how trade and businesses operate.
- To inculcate the skill of interpretation of bare provisions of Contract Act and to implement them in finding solutions to legal problems arising out of contracts.
- To analyse how far the fundamental principles laid down in Contract Act are applicable in the present scenario.
- To analyze the legal developments in the field of contract and evolve alternative remedies in current legal issues in the field of commercial law.
- To articulate the ability to research and analyse problems critically using an in depth understanding of socio-economic and techno-legal dynamics in contract law.
Note: Case List and Suggestive Readings will be provided to the registered candidates only after the commencement of the class.
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- Definition of Indemnity
- Rights of Indemnity holder and liability of the Indemnifier
- Definition of Guarantee
- Essential characteristics of contract of Guarantee
- Distinction between contract of indemnity and contract of guarantee
- Kinds of guarantee
- Rights and liabilities of surety
- Discharge of surety
- Bailment –Definition
- Essential requisites of Bailment
- Kinds of Bailment
- Rights and Duties of Bailor and Bailee
- Termination of Bailment
- Pledge- Definition
- Rights and duties of Pawn or and Pawnee
- Pledge by Non Owners
- Distinction between Pledge and Bailment
- Definition of Agent
- Creation of Agency
- Rights and duties of Agent
- Delegation of authority
- Personal liability of Agent
- Relationship of Principal with Third parties
- Termination of Agency
- Sale and Agreement to Sell
- Condition and Warranty
- Implied Condition
- Doctrine of Caveat Emptor and Caveat Venditor
- Doctrine of Nemodat quod non habet – sale by a person other than the owner.
- Sale by joint owner
- Sale by mercantile agent
- Sale under voidable contract
- Un-paid Seller’s Rights – Right of lien, Right of stoppage in transit
- Transfer of goods by buyer and seller
- Definition of Partnership
- Mode of determining existence of partnership
- Rights and Duties of Partnership
- Dissolution of Firm
- Effect of Non Registration
FREE 30 mins Career Counselling Session (worth INR 600/-) with this course.