Contract Act For Entrepreneurs

CONTRACT ACT FOR ENTREPRENEURS
by :
DR. T.K. JAIN
AFTERSCHO☺OL
centre for social entrepreneurship
sivakamu veterinary hospital road
bikaner 334001 rajasthan, india
FOR – PGPSE / CSE PARTICIPANTS
mobile : 91+9414430763
5 DECEMBER 09 www.afterschool.tk 1
study material of PGPSE / CSE
My words....
Here I present a few basic questions on contract law. I wish that more
people should become entrepreneurs. An ordinary Indian entrepreneur
wishes to remain an honest entrepreneur and contribute to the development
of nation but we have to strengthen those institutions which truly promote
entrepreneurship, not just degree granting institutions. Let us work together
to promote knowledge, wisdom, social development and education. We
believe in free education for all, free support for all, entrepreneurship
opportunities and training for all. Let us work together for these goals. ... I
alone cant do much, I need support of perosns like you .......... ...
A principal revokes an agency,
but the agent is not aware of it and
makes a contract, will the contract
be valid ?
Answer
Yes
agency is revoked when the agent comes to
know about its revocation. In this case, the
agent is not aware of revocation, so the agency
is still valid.
What are the cases, when agency
cannot be revoked at all ?
Solution
Agency cannot be revoked in following cases :

1. agency with interest
2. agent has already incurred personal liability
3. agent has partly exercised his authority
What is agency with interest ?
Answer
When the agent has some interest attached to

the agency, it is called agency with interest
(read sec. 202)
What are the duties of an agent ?
Solution
He must act within his scope
he must keep true accounts
he must give material information to the
principal
he must follow the instructions of principal
he must not make secret profit, act honestly
and reasonably
he must not reveal confidential information of
the principal
When does agency terminate ?
Answer
In the following cases :

1After specified time
2 when the object of agency is destroyed
3 when agency is revoked
4 when agency is renunciated by the agent
5 when the principal dies / becomes lunatic
6 as per agreement
Who is a factor ?
Answer
A factor is a mercantile agent employed to

sell goods which have been placed in his
possession or contract to buy goods for his
principal.
When can a finder of lost goods
sell them ?
Answer
where the owner cannot with reasonable diligence be
found, or
when found, he refuses to pay the lawful charges of
the finder and—
if the thing is in danger of perishing or losing greater
part of its value, or
when the lawful charges of the finder for the
preservation of goods and the finding out of the owner
amounts to two-thirds of the value of the thing
(Section 169).
What is bailment ?
Answer
Bailment is a voluntary delivery of goods for a temporary purpose on

the understanding that they are to be returned in specie in the same
or altered form. The ownership of the goods remains with the bailor,
the bailee getting only the possession.
What is gratuitous bailment ?
Answer
A gratuitous bailment is one in which

neither the bailor nor the bailee is entitled
to any remuneration. Such a bailment may
be for the exclusive benefit of the bailor,
e.g., when A leaves his cow with a
neighbour to be looked after in A’s
absence on a holiday.
What is a contract of indemnity ?
Answer
A contract of indemnity is a contract by

which one party promises to save the other
party from loss caused to him by the
conduct of the promisor himself, or by the
conduct of any other person
What is an injunction ?
Answer
An injunction, is an order of a Court restraining a

person from doing a particular act. It is a mode of
securing the specific performance of a negative term
of the contract
What is liquidated damages?
Answer
Where the contracting parties fix at the

time of contract the amount of damages
that would be payable in case of breach, it
is called liquidated damages
What is novation of a contract ?
Answer
when a new contract is substituted for existing contract either

between the same parties or between different parties, the
consideration mutually being the discharge of the old contract.
What the cases when specific
performance of contract is not
ordered ?
Answer
IN THE FOLLOWING CASES : -

where monetary compensation is an adequate
remedy
where the Court cannot supervise the
execution of the contract,
where the contract is for personal service
where one of the parties is a minor.
WHAT ARE THE
RESPONSIBILITIES OF THE
FINDER OF THE LOST GOODS?
ANSWER
The liability of a finder of goods belonging

to someone else is that of a bailee. This
means that he must take as much care of
the goods as a man of ordinary prudence
would take of his own goods of the same
kind.
What are the responsibilities of a
person who is getting gratuitous
benefits ?
Answer
Section 70 of the Indian Contract Act provides

that where a person lawfully does something for
another person or delivers anything to him
without any intention of doing so gratuitously and
the other person accepts and enjoys the benefit
thereof, the latter must compensate the former or
restore to him the thing so delivered.
What is a contingent contract ?
As per Section 31, a contingent contract

is a contract to do or not to do something,
if some event collateral to such contract,
does or does not happen.
What are the principles on which
quasi contracts are based ?
Answer
A quasi contract is an obligation. It is an

obligation of a person towards another
person because he has got something
unjustifiably. It is based on the equitable
principle that a person shall not be
allowed to enrich himself unjustly at the
expense of another
What is the extent of liability of
the surety ?
Answer
As per sec. 128 :The liability of the surety

is co-extensive with that of the principal
debtor unless the contract otherwise
provides . A creditor can even sue the
surety without sueing the principal debtor.
What is pledge ?
Answer
Pledge or pawn is a contract whereby an

article is deposited with a lender of
money or promisee as security for the
repayment of a loan or performance of a
promise.
Download links ....
http://www.scribd.com/doc/30778316/Permutations
http://www.scribd.com/doc/30778304/Differentiatio
http://www.scribd.com/doc/30778217/Unitary-Meth
http://www.scribd.com/doc/30778090/Questions-on
http://www.scribd.com/doc/30646219/Mock-Intervi
http://www.scribd.com/doc/30888753/General-Know
Download links ....
http://www.scribd.com/doc/30778316/Permutations
http://www.scribd.com/doc/30778304/Differentiatio
http://www.scribd.com/doc/30778217/Unitary-Meth
http://www.scribd.com/doc/30778090/Questions-on
http://www.scribd.com/doc/30646219/Mock-Intervi
http://www.scribd.com/doc/30888753/General-Know
Download links .....
http://www.scribd.com/doc/30646577/Afterschoool-
http://www.scribd.com/doc/11953346/Mathematics-
http://www.scribd.com/doc/11867744/Management-
http://www.brijj.com/group/gmat-entrance-exam--pr
http://www.docstoc.com/docs/3921499/ENGLISH-%
http://www.docstoc.com/docs/3967158/basiC-MAT
http://www.authorstream.com/Presentation/tkjainbk
http://www.authorstream.com/Presentation/tkjainbk
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CONTRACT ACT FOR ENTREPRENEURS

Agency cannot be revoked in following cases :

When the agent has some interest attached to

In the following cases :

A factor is a mercantile agent employed to

Bailment is a voluntary delivery of goods for a temporary purpose on

A gratuitous bailment is one in which

A contract of indemnity is a contract by

An injunction, is an order of a Court restraining a

Where the contracting parties fix at the

when a new contract is substituted for existing contract either

IN THE FOLLOWING CASES : -

The liability of a finder of goods belonging

Section 70 of the Indian Contract Act provides

As per Section 31, a contingent contract

A quasi contract is an obligation. It is an

As per sec. 128 :The liability of the surety

Pledge or pawn is a contract whereby an

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