What is Mother agreement?

What is Mother agreement?

Mother deed is an important document in a property transaction. This is the document that traces the origin of property as well as all other relevant conveyance deeds. It is the main document to determine ownership of a property. Tracing ownerships should always begin with scrutiny of the earliest document recorded.

What is the purpose of Indian Contract Act?

It determines the circumstances in which promises made by the parties to a contract shall be legally binding. Under Section 2(h), the Indian Contract Act defines a contract as an agreement which is enforceable by law.

Is Indian Contract Act an exhaustive law relating to contract?

The law of contract in India is contained in the Indian Contract Act, 1872. The Act is not exhaustive as it does not deal with all the branches of the law of contract. There are separate Acts which deal with contracts relating to negotiable instruments, transfer of property, sale of goods, partnership, insurance, etc.

What is contract according to Indian Contract Act?

The Indian Contract Act, 1872 defines the term “Contract” under its section 2 (h) as “An agreement enforceable by law”. In other words, we can say that a contract is anything that is an agreement and enforceable by the law of the land.

What is the importance of mother deed?

What is the meaning of parent document?

Related Definitions Parent Document means, collectively, this Agreement, the Voting Agreement and each other agreement, document, instrument and certificate required to be executed by or on behalf of Parent, MergerSub or any of their respective officers or directors in connection herewith or therewith. Sample 2.

Why is the Contract Act important?

Law of contract is the most important branch of mercantile law. It determines the circumstances under which promises made by the contracting parties shall be legally binding on them. The law of contract is essential to carry on trade or commerce smoothly, because it introduces definiteness in the business transactions.

What is the purpose of contract of indemnity?

PROTECTION OF LOSS: A contract of indemnity is entered into for the purpose of protecting the promisee from the loss. The loss may be caused due to the conduct of the promisor or any other person.

Does the Indian Contract Act need a re look?

Under The Indian Contract Act, a contract without consideration is void subject to certain exceptions provided in Section 25 of the Act. However, the English law recognises contracts without consideration in some cases. The contract law in the United States, too, have evolved from the English common law.

What is Section 25 of Indian Contract Act?

Section 25 of the Contract Act reads- “Agreements without consideration, void unless it is writing and registered or is a promise to compensate for something or is a promise to pay a debt barred by limitation law”. This section after defining consideration in definition clause in Sec.

What is Section 2f of Indian Contract Act?

Section 2(f) of the Act defines the term ‘Reciprocal Promises’ as “Promises which form the consideration or part of the consideration for each other are called reciprocal promises.”

What is the purpose of the Indian Contract Act?

The Act was passed by British India and is based on the principles of English common law. It is applicable to all the states of India except the state of Jammu & Kashmir. It determines the circumstance in which promise made by the parties to a contract shall be legally binding on them.

Is the contract law in India in force?

Status: In force. The Indian Contract Act, 1872 prescribes the law relating to contracts in India and is the key act regulating Indian contract law. The Act is based on the principles of English Common Law.

Is the Indian Contract Act 1872 retrospective?

Some of these acts, were originally a part of the Indian Contract Act enacted in 1872 but were later codified as separate laws. Moreover the Act is not retrospective in nature. Hence a contract entered into prior to 1st September 1872, even though to be performed after passing of this Act is not hit by this Act.

How did the law of contracts come into being?

The project covers the development of the ‘Law of Contracts’ right from the early stages of human civilization, making its way through Roman and English notions that eventually led to the formation of the Indian Contract Act. The project also shows the relevance of such legislation, codifying the principles of contract making.