Chartered Accountants
Chartered Accountants
Agreement void where both parties are under mistake as to matter of fact Where both the parties to an agreement are under a mistake as to a matter of fact essential to the agreement, the agreementis void.Explanation.—An erroneous opinion as to the value of the thing which forms the subject-matter ofthe agreement, is not to …
When consent to an agreement iscaused by undue influence, the agreement is a contract voidable at the option of the party whose consentwas so caused.Any such contract may be set aside either absolutely or, if the party who was entitled to avoid it hasreceived any benefit thereunder, upon such terms and conditions as to the …
Voidability of agreements without free consent When consent to an agreement is caused bycoercion, 1*** fraud or misrepresentation, the agreement is a contract voidable at the option of the partywhose consent was so caused.A party to a contract whose consent was caused by fraud or misrepresentation, may, if he thinks fit,insist that the contract shall …
“Misrepresentation” defined “Misrepresentation” means and includes—(1) the positive assertion, in a manner not warranted by the information of the person making it,of that which is not true, though he believes it to be true;(2) any breach of duty which, without an intent to deceive, gains an advantage to the personcommitting it, or any one claiming …
“Fraud” defined “Fraud” means and includes any of the following acts committed by a partyto a contract, or with his connivance, or by his agent1, with intent to deceive another party thereto of hisagent, or to induce him to enter into the contract:—(1) the suggestion, as a fact, of that which is not true, by …
“Undue influence” defined —(1) A contract is said to be induced by “undue influence” wherethe relations subsisting between the parties are such that one of the parties is in a position to dominate thewill of the other and uses that position to obtain an unfair advantage over the other. (2) In particular and without prejudice …
“Coercion” defined “Coercion” is the committing, or threatening to commit, any act forbiddenby the Indian Penal Code (45 of 1860) or the unlawful detaining, or threatening to detain, any property, tothe prejudice of any person whatever, with the intention of causing any person to enter into an agreement.Explanation.—It is immaterial whether the Indian Penal Code …
“Free consent” defined Consent is said to be free when it is not caused by—(1) coercion, as defined in section 15, or(2) undue influence, as defined in section 16, or(3) fraud, as defined in section 17, or(4) misrepresentation, as defined in section 18, or(5) mistake, subject to the provisions of sections 20, 21 and 22.Consent …
“Consent” defined Two or more persons are said to consent when they agree upon the samething in the same sense. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | …
What is a sound mind for the purposes of contracting A person is said to be of sound mindfor the purpose of making a contract, if, at the time when he makes it, he is capable of understanding itand of forming a rational judgment as to its effect upon his interests.A person who is usually …