1. Which of the following amounts to a valid consideration? (a) The promise by father to gift a bike to son on passing the Exam (b) A promise to do something which is already bound to do under an existing contract (c) A person undertakes to do something more than what he is bound to…

Explains Multiple Choice Question and Answers related to Unpaid Seller under Sale of Goods Act

Explains Multiple Choice Question and Answers related to Performance-of-sales-Contract under Sale of Goods Act

1. There was a contract to supply ‘waste coal and ash for the next 3 months, as and when the waste is generated by the seller’s factory’. The buyer paid the lump sum price for the next six months in advance. When does the property in the goods pass to the buyer? (a)    After the…

1. Indian Contract Act came into force since (a)    1st April ,1872, (b)    1st January, 1872, (c)    1st September, 1872, (d)    1st July, 1872. The Indian Contract Act, 1872 was enacted on 25th April, 1872 and subsequently came into force on the first day of September 1872. Options (a), (b) and (d) are not correct….

Laws of Banker and Customer The law relating to bankers and banking in India fall under two major heads : Law regulating relations between bankers, customers and outside world: These laws deal with matters relating to collection of various financial instruments, loans and advances, bankers’ lien, pledge, mortgage and hypothecation. These laws are mainly contained…

Discharge of Negotiable Instrument Discharge ofnegotiable instrument means Party ultimately liable for the negotiable instrument is discharged from Liability. Term ‘Discharge’ in respect to a negotiable instrument applies to: Discharge of the instrument, Discharge of Liability of Parties An instrument is said to be discharged when all the rights, liabilities and claims in respect of…

Hundis Hundis are indigenous negotiable instruments like bills of exchange or promissory notes in form and substance, written in vernacular language. Though Hundis are not recognised by Negotiable Instruments Act, Hundis are considered valid as Negotiable Instrument, as per local usages and customs. Kinds of hundis There are two main kinds of hundis : Darshni…