Obligation of parties to contracts The parties to a contract must either perform, or offer to perform, their respective promises, unless such performance is dispensed with or excused under the provisions of this Act, or of any other law. Promises bind the representatives of the promisors in case of the death of such promisors before […]
Agreement contingent on impossible events void Contingent agreements to do or not to do anything, if an impossible event happens, are void, whether the impossibility of the event is known or not to the parties to the agreement at the time when it is made.Illustrations(a) A agrees to pay B 1,000 rupees if two straight
When contracts become void which are contingent on happening of specified event within fixed time —Contingent contracts to do or not to do anything if a specified uncertain event happens within a fixed time become void if, at the expiration of the time fixed, such event has not happened, or if, before the time fixed,
When event on which contract is contingent to be deemed impossible, if it is the future conduct of a living person —If the future event on which a contract is contingent is the way in which a person will act at an unspecified time, the event shall be considered to become impossible when suchperson does
Enforcement of contracts contingent on an event not happening —Contingent contracts to do or not to do anything if an uncertain future event does not happen can be enforced when the happening of that event becomes impossible, and not before.IllustrationA agrees to pay B a sum of money if a certain ship does not return.
Enforcement of contracts contingent on an event happening Contingent contracts to do or not to do anything if an uncertain future event happens cannot be enforced by law unless and until that event has happened.If the event becomes impossible, such contracts become void.Illustrations(a) A makes a contract with B to buy B‟s horse if A
“Contingent contract” defined A “contingent contract is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen.IllustrationA contracts to pay B Rs. 10,000 if B‟s house is burnt. This is a contingent contract Practice area’s of B K Goyal & Co LLP Income Tax
Gross Merchandise Value (GMV), also referred to as gross merchandise volume, is the total amount of sales a company makes over a specified period of time, typically measured quarterly or yearly. GMV is calculated before accrued expenses are deducted. Accrued expenses include costs associated with advertising/marketing, delivery costs, discounts, and returns. What Is Gross Merchandise Value
Section 96 of the Companies Act, 2013 provides that each company other than a one person company will in every year hold an Annual General Meeting of its investors and not over 15 months will exceed between the date of one Annual General Meeting of the company and that of the next. Procedure to file application for
Professional Tax is a tax levied on professions and trades in India. It is a state-level tax and must be compulsorily paid by every staff member employed in private companies. The business owner is responsible for deducting professional Tax from his employees’ salaries and can then pay the amount so collected to the appropriate government
B K Goyal & Co LLP
Chartered Accountants
support@cabkgoyal.com
9971782649
Ph: 9971782649
E: support@cabkgoyal.com
