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Def.
Lex-O-Pedia
What is the significance of Actionable Claim under Transfer of Property Act and GST?
An actionable claim is a claim to an unsecured debt or a beneficial interest in movable property not in possession, recognized by civil courts. It is transferable under Section 130 of the Transfer of Property Act, 1882, and is classified as "goods" under GST law.
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Def.
Lex-O-Pedia
What are the Key Features of a Contract of Indemnity and a Contract of Guarantee?
A contract of indemnity involves one party promising to compensate another for losses caused by their own or a third party’s actions. In contrast, a contract of guarantee involves a third party (the surety) ensuring the debtor's obligations are fulfilled.
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Def.
Lex-O-Pedia
What is Novation of Contract?
Novation, under Section 62 of the Indian Contract Act, 1872, allows the substitution of an existing contract with a new one, either by altering terms or replacing parties. It discharges the original contract, creating fresh obligations through mutual consent of all parties involved.
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Def.
Lex-O-Pedia
What are Unlawful Agreements?
Unlawful agreements violate law, public policy, or morals, rendering them void under Section 23 of the Indian Contract Act, 1872. They differ from illegal agreements, which involve criminal acts.
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In Re
case-study
Case Study: Gherulal Parakh v. Mahadeodas Maiya
In Gherulal Parakh v. Mahadeodas Maiya (AIR 1959 SC 781), the Supreme Court of India held that while wagering contracts are void under Section 30 of the Indian Contract Act, they are not illegal under Section 23. The court ruled that partnerships formed for wagering purposes are not unlawful, as wag
2024 · 5 min read
Held
Judgment