LAB2 by Preethika Rayabaram https://padlet.com/preethika2812/b6sijqry2v844m75 Made with charisma en-us 2021-03-07 08:37:36 UTC 2021-03-08 10:02:14 UTC hello@padlet.com SPECIAL CONTRACTS 20021141097 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278068308 2021-03-07 08:58:14 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278068308 Bailment 20021141097 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278069967 Entrust possession of movable goods by owner to another person for a purpose]]> 2021-03-07 08:59:10 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278069967 Essentials of Bailment 20021141097 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278082239 1. Contract: Bailor & Bailee
2. Subject Matter: Goods i.e. Movable Property other than money
3. Delivery of Goods: Change of Possession temporarily & Voluntarily
4. Delivery: Actual & Constructive
5. No change in Ownership
6. Purpose for transfer of Possession
7. Return of Goods]]> 2021-03-07 09:06:18 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278082239 Gratuitous Bailment (No Considerations) 20021141097 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278091101 1. Exclusive benefit of Bailor
2. Exclusive Benefit of Bailee

]]> 2021-03-07 09:11:03 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278091101 Non-Gratuitous Bailment (Mutual Benefit and some considerations) 20021141097 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278092502 2021-03-07 09:11:53 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278092502 Duties of Bailor 20021141097 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278111956 1.Disclose faults
2. Repay Bailee's Expense
3.Indemnify the Bailee
4. Compensate bailee for breach of warranty
5. Claim back Goods]]> 2021-03-07 09:22:52 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278111956 Duties of Bailee 20021141097 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278114218 1. Take reasonable care of goods
2. No unauthorized use of goods bailed
3. Do not set up jus tertii
4. Return goods ]]> 2021-03-07 09:24:13 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278114218 Pledge 20021141077 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278214960 Bailment of goods as security for the repayment of a debt or performance of a promise.]]> 2021-03-07 10:20:46 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278214960 Essentials of Pledge 20021141077 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278221244 Essentials of Pledge:
1. Delivery of goods
2. Delivery of goods should be by way of security: The security being for the payment of debt or the performance of a promise.
3. Goods must be movable: An implied condition to return the goods.]]> 2021-03-07 10:24:20 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278221244 Duties of Pawnee 20021141077 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278234164 1. Take reasonable care of the goods pledged
2. Not to make personal use of the goods pledged
3. Not to mix goods pledged with his own goods
4. To return the goods pledged after the debt has been paid or the
promise has been performed
5. Not to commit any act that is inconsistent with the terms of pledge
6. To deliver accretion, if any, to the goods pledged.]]> 2021-03-07 10:31:28 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278234164 Duties of Pawnor 20021141077 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278234712 1. Duty to repay the debt or perform the promise
2. Duty to disclose defects in the goods pledged
3. Duty to meet extraordinary expenses]]> 2021-03-07 10:31:49 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278234712 Indemnity https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278325499 According to Section 124,
"A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a contract of indemnity".]]> 2021-03-07 11:30:13 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278325499 Objective https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278332040 The objective of entering into a contract of indemnity is to protect the promisee against unanticipated losses.]]> 2021-03-07 11:34:51 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278332040 Parties Involved https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278333384
  • The promisor or indemnifier
  • The promisee or the indemnified or indemnity-holder

    • ]]>     2021-03-07 11:35:42 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278333384     Essentials of Contract of Indemnity https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278336521 1.      PARTIES TO A CONTRACT
    2.      PROTECTION OF LOSS
    3.      EXPRESS OR IMPLIED
    4.      ESSENTIALS OF A VALID CONTRACT

    ]]>     2021-03-07 11:37:49 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278336521     Rights of Promisee https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278347297 1.      RIGHT TO RECOVER DAMAGES PAID IN A SUIT [SECTION 125(1)]
    2.      RIGHT TO RECOVER COSTS INCURRED IN DEFENDING A SUIT [SECTION 125(2)
    3.      RIGHT TO RECOVER SUMS PAID UNDER COMPROMISE [SECTION 125(3)]:

    ]]>     2021-03-07 11:45:32 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278347297     COMMENCEMENT OF LIABILITY OF PROMISOR/ INDEMNIFIER https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278348482
  • Indemnifier is not liable until the indemnified has suffered the loss.
  • Indemnified can compel the indemnifier to make good his loss although he has not discharged his liability.

    • ]]>     2021-03-07 11:46:26 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278348482     Contract of Guarantee 20021141093 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278444230 As per Section 126 of the Indian Contract Act, it is a contract to perform the performance, or discharge the liability, of the third person in case of his default.]]> 2021-03-07 12:44:52 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278444230 Consideration for Guarantee 20021141093 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278461548 Anything done or any promise made, for the benefit of the principal debtor, may be sufficient consideration to the surety for giving guarantee.]]> 2021-03-07 12:53:00 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278461548 Specific Guarantee 20021141093 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278470379 A guarantee applicable in respect of a single debt or a specific transaction.]]> 2021-03-07 12:57:51 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278470379 Continuing Guarantee 20021141093 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278471229 A guarantee that extends to a series of transactions.]]> 2021-03-07 12:58:16 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278471229 Kinds of Guarantee 20021141093 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278477856 2021-03-07 13:01:44 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278477856 Revocation of continuing guarantee 20021141093 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278482721 2021-03-07 13:04:23 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278482721 20021141093 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278483705 By notice of revocation]]> 2021-03-07 13:04:55 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278483705 20021141093 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278484089 2021-03-07 13:05:07 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278484089 20021141093 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278485704 By death of surety]]> 2021-03-07 13:06:01 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278485704 20021141093 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278487540 In the same manner as the surety id discharged]]> 2021-03-07 13:07:03 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1278487540 Contract Of Agency preethika2812 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280219497 1.Defined under Sec. 182 of the Indian Contract Act, 1872
    2.The act defines an agent as an individual who has been employed by another to act/deal on behalf of him and the person who employs the agent.
    3.Enable the principal to sue or be sued by any third party directly.

    ]]>     2021-03-08 04:10:57 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280219497     Competency of the Principal preethika2812 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280240130 should be capable of performing the tasks, which he wants his agent to do for him]]> 2021-03-08 04:20:36 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280240130 Competency of the Agent preethika2812 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280240974 themselves might not be competent enough to contract, have the capacity to represent and bind their principals into direct and valid contractual relationships]]> 2021-03-08 04:21:02 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280240974 Essentials preethika2812 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280271664
  • Agreement
  • Consideration not necessary
  • Intention to Act on behalf of the principal

    • ]]>     2021-03-08 04:35:10 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280271664     Termination preethika2812 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280276042
  • Agreement
  • Revocation by the Principal
  • Revocation by Agent
  • Completion of business of Agency
  • Expiry of Time
  • Death of the Principal or Agent
  • The Insanity of the Principal or Agent
  • Insolvency of the Principal or Agent
  • Destruction of Subject matter
  • Principal or Agent becomes Alien enemy

    • ]]>     2021-03-08 04:37:01 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280276042     Discharge of Surety vandit0909 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280649185 The Indian Contract Act, 1872 provides for the discharge of the liability of surety, in case of certain given circumstances. A surety is said to discharge from his liability if his liability to perform the promise, in case of a default by the principal debtor, comes to an end]]> 2021-03-08 06:53:44 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280649185 By Revocation of continuing Guarantee vandit0909 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280762807 A continuing Guarantee may anytime be revoked by the surety, as to future transaction by notice to the creditor.
    Few important points
    • Guarantee given for an existing debt cannot be revoked
    • Revocation becomes effective for future transactions only
    • The surety shall be liable for the transactions which have already taken place

    ]]>     2021-03-08 07:32:08 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280762807     By Revocation of Guarantee by Surety's death vandit0909 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280829607 The death of the surety's operates, in the absence of  any contract to the contrary, as a revocation of continuing guarantee, so far as regards future transactions.
    • Few important points
    • In absence of any contract to the contrary, the surety should include a clause stating that after his lifetime, the surety ends
    • The liablilty of the deceased surety can be imposed upon his legal heirs but only to the extent of the property inherited by them.

    ]]>     2021-03-08 07:50:40 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280829607     By Variance in terms of contract vandit0909 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280852492 A surety can be discharged from his liability if there is a variance that has been made without the consent of the surety, in case of a continuing contract of guarantee. The essential factor which determines if the liability of the surety is discharged is the concept of substantiality and materiality of the variance. The court has to decide, keeping the entire facts into consideration, whether a given variance is material or not. In case the variance in the contract leads to a benefit of the surety, the surety may not be discharged of his liability as it is within the discretion of the court with regards to the materiality of the fact.]]> 2021-03-08 07:57:47 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280852492 By release or discharge of principal debtor vandit0909 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280868209 Section 134 of the Indian Contract Act provides for the discharge of the liability of the surety, in case the principal debtor is released from his liability to repay the amount. 
    Section 134 deals with the discharge of the secondary liability of the surety in case the primary liability of the principal debtor is discharged. However, the converse is not true. This means that if there is a discharge of the liability of the surety, it will not automatically discharge the liability of the principal debtor.]]>     2021-03-08 08:03:07 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280868209     By composition vandit0909 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280883047 According to Section 135 of the Indian Contract Act, 1872, a surety can be discharged of his liability if there is any composition or a new agreement between the creditor and the principal debtor.
    Composition refers to variation in the original contract and adding something up which was not present in the original contract. In case there is a composition in the contract between the debtor and the creditor without surety’s consent, it would discharge his liability.]]>     2021-03-08 08:08:26 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280883047     By promise to give time vandit0909 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280886139 The surety is entitled to ask the principal debtor to pay off the debt when it is the time for repayment. However, if there is a contract between the principal debtor and the creditor whereby the creditor has agreed to give some more time to pay off the debt without keeping the surety into consideration, the surety will be discharged.

    However according to section 136, if the creditor enters into an agreement to give time with a third party, it does not discharge the surety from his liability.

    ]]>     2021-03-08 08:09:28 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280886139     Promise not to Sue vandit0909 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280900226 If there is an explicit contract which provides that the creditor will not sue in the event of default, it would result in the discharge of liability of the surety. However, mere forbearance to sue will not discharge the liability as provided under Section 137.

    If the surety has agreed to such conditions, he will not be discharged from the contract as is evident from the phrase “unless the surety assents” in Section 135.

    ]]>     2021-03-08 08:14:24 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280900226     By impairing Surety's Remedy vandit0909 https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280906964 It is the duty of the creditor not to do any act which is inconsistent with the contract which would result in the impairment of the remedy of the surety to recover the amount from the principal debtor after repayment. This right of the surety to discharge his liability is provided in Section 139 of the Indian Contract Act, 1872.
    The above rule is in close proximity to the right of subrogation with the surety after he repays the loan. The surety takes place of the creditor after repayment and he can exercise all the rights that the creditor has and if any of the rights are impaired or the remedy against the principal debtor is impaired due to any act or omission by the creditor, it would discharge the surety.]]>     2021-03-08 08:16:17 UTC https://padlet.com/preethika2812/b6sijqry2v844m75/wish/1280906964