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
Minerals concession for major minerals are granted under the provisions of MMDR,1957(Amendment,2015),MCR,1960 and MCDR,1988. For major minerals reconnaissance permit, prospecting license and mining lease are granted. The approval of the mining plan is required to commence mining operations. Therefore, the lease is granted on the basis of an approved plan. Mine plans are a set
The term average selling price (ASP) refers to the price at which a certain class of good or service is typically sold. The average selling price is affected by the type of product and the product life cycle. The ASP is the average selling price of the product across multiple distribution channels, across a product category within
Agreements by way of wager void Agreements by way of wager are void; and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide the result of any game or other uncertain event on which any wager is made. Exception in favour of
Agreements void for uncertainty Agreements, the meaning of which is not certain, or capable of being made certain, are void.Illustrations(a) A agrees to sell to B “a hundred tons of oil”. There is nothing whatever to show what kind of oil was intended. Theagreement is void for uncertainty.(b) A agrees to sell to B one
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