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When two or more persons agree upon the same thing in the same sense, there is said to be contract, according to section 13, Indian Contract Act.
Consent is considered valid, only when it is a free consent. there is said to be free consent, when such consent has been obtained by means of fraud, coercion, undue influence, mistake and/or misrepresentation. (S.14 of Indian Contract Act, 1874)
When consent to an agreement is caused by coercion, fraud or misrepresentation,
the agreement is a contract voidable at the option of the party whose consent was so
caused. A party to contract, whose consent was caused by fraud or mispresentation,
may, if he thinks fit, insist that the contract shall be performed, and that he shall be
put on the position in which he would have been if the representations made had
been true.
Exception : If such consent was caused by misrepreentation or by silence, fraudulent
within the meaning of section 17, the contract, neverthless, is not voidable, if the
party whose consent was so caused had the means of discovering the truth with
ordinary diligence.
Explanation : A fraud or misrepresentation which did not cause the consent to a
contract of the party on whom such fraud was practised, or to whom such
misrepresentation was made, does not render a contract voidable. [privity of contract]
Wiki User
∙ 13y ago
Wiki User
∙ 14y agoOne of the rules of contracts is there must be a meeting of the minds. If the two sides do not agree and consent to the same thing, the courts will hold there is no contract. Both parties may think they agree to the contract, but they could be thinking two different things. Both sides may agree that the cotton coming into port on a ship is what they are buying or selling. But if there are two different ships with the same name, they haven't agreed to the same thing.
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How long do you have to change your mind after signing a contract in MA?
Massachusetts does not have a buyer's remorse law, so there is no time to change your mind after signing a contract.
What is a binding contract?
It is a verbal or written agreement between 2 consenting adults.
What if the consenting party did not understand the terms used in the contract?
It's the consenting party's duty to know what they are consenting to. Sometimes terms in 'legal speak' have a different, or sometimes a more precise meaning than their common definitions. That's why it's a good idea to have a lawyer read through it first. Note that a contract that is misleading or fraudulent is a defense against being held to the terms of it. But simply not understanding something which is stated in the contract, is no defence. The contract holder believes you understood everything, because you said you did.
Discuss the law relating to the contract by person of unsound mind?
A contract that is entered into by a person of unsound mind is void. It is completely unenforceable rather than just being voidable; which means cancellable on the option of a party.
Meaning of Capacity of Parties in Indian contract act?
section 11 lays down that "every person is cpmpetent to contract who is of the age of majorityaccording to law to which he is subject, and who is ofsound mind and is not disqulified from contractingby any law to which he is subject"
What is Section 11 of the Contracts Act 1950?
The Contract Act of 1950 was enacted In Malaysia. Section 11 is "Who are Competent to Contract." It states: "Every person is competent to contract who is of the age of majority according to the law to which he is subject, and who is of sound mind, and is not disqualified from contracting by any law to which he is subject."
When an party competent enter into a contract?
A person's capacity to enter into a contract refers to the legal ability of a person to enter into a contract. It also means that they can mentally understand the terms of the contract. visit our website to know more link in bio.
What type of contract requires a law to be broken?
It would not be a valid contract. A contract to break the law is illegal.
What is the Colorado law pertaining to a 18 year old and a 25 year old?
Assuming you mean consenting sexual acts between an 18 yr old and a 25 yr old- both are legally adults, and the law does not address sex between consenting adults.
What is an example of an private law?
Private laws are those that do not apply to everyone. An example of private law is a contract. As long as it is not illegal, you can contract for many things or you contract away your rights.
Where could one find some contract laws?
Contract law is a large and complex area of the law. You can find a summary of the main principles of contract law by visiting the Wikipedia page titled English contract law.
When a private individual brings a suit against a company for breaking a contract this is an example of law?
Generally, the action would involve breach of contract.
