Promise may dispense with or remit performance of promisee Every promisee may dispense with or remit, wholly or in part, the performance of the promisee made to him, or may extend the time for such performance or may accept instead of it any satisfaction which he thinks fit.Illustrations(a) A promises to paint a picture for […]
Effect of novation, rescission, and alteration of contract If the parties to a contract agree to substitute a new contract for it, or to rescind or alter it, the original contract, need not be performed.Illustrations(a) A owes money to B under a contract. It is agreed between A, B and C, that B shall thenceforth
Application of payment where neither party appropriates Where neither party makes any appropriation, the payment shall be applied in discharge of the debts in order of time, whether they are or are not barred by the law in force for the time being as to the limitation of suits. If the debts are of equalstanding,
Bill Discounting is one such option, which allows a business to get quick payment for their work and meet their operating expenses without having to depend on any external agency to provide the funds. Bill Discounting, also called Invoice Discounting, is a trading activity where a seller sells some goods or services to a buyer.
A person is said to have a domicile in a country in which he/she is considered to have his/her permanent home. A person cannot have more than one domicile. Domicile plays an important role in the writing of Will, intestate succession, and succession planning. The Indian Succession Act, 1925, provides that succession to immovable property in India
A comprehensive guide to Class 14 of the Trademark Filing Classification. Trademarks must be applied or registered under classes and each class represents a distinct class of goods or services. Class 14 of the Trademark Filing Classification. Trademarks must be applied or registered under classes and each class represents a distinct class of goods or services. In this post,
Fire safety is a crucial part of any event or life in general. A fire license is a mandatory requirement for any business or organization operating in a building in Tamil Nadu. In Tamil Nadu, the process for obtaining a fire license or no-objection certificate (NOC) is governed by the Tamil Nadu Fire and Rescue
Cohort retention rate and customer stickiness are two important metrics that businesses use to understand and improve their relationships with their customers. Cohort retention rate measures the percentage of customers who continue to do business with a company over time, while customer stickiness measures the strength of a customer’s loyalty to a company and their
Application of payment where debt to be discharged is not indicated Where the debtor has omitted to intimate and there are no other circumstances indicating to which debt the payment is to be applied, the creditor may apply it at his discretion to any lawful debt actually due and payable to him fromthe debtor, whether
Where a debtor, owing several distinct debts to one person, makes a payment to him, either with express intimation, or under circumstances implying, that the payment is to be applied to the discharge of some particular debt, thepayment, if accepted, must be applied accordingly.Illustrations(a) A owes B, among other debts, 1,000 rupees upon a promissory
CA Bhuvnesh Kumar Goyal
Chartered Accountants
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