Covenants - Law Dictionary Search Results
Home Dictionary Name: covenants Page: 3Wagering contract
Wagering contract, to constitute a wagering contract there must be proof that the contract was entered into upon terms that the performance of the contract should not be demanded, but only the difference in prices should be paid. There should be common intention between the parties to the wager that they should not demand delivery of the goods but should take only the difference in prices on the happening of an event, Gherulal Parakh v. Mahadeodas Maiya, AIR 1959 SC 781 (784); see also B&C Exchange Ltd. v. State of Punjab, AIR 1961 SC 268 (270). (Contract Act, 1872, s. 23)...
Open contract
Open contract, a complete contract of which the meaning admits the implications of law without special conditions, or except so far as such conditions may modify these implications, as a contract to sell land without mentioning the day for completion of the purchase, or without stipulations as to title or otherwise. See Vendor and Purchaser Act, 1874, ss. 1, 2; Conveyancing Act, 1881, s. 3, reproduced with amendments by ss. 44 and 45, Law of Property Act, 1925. See CONTRACT FOR SALE OF LAND....
Contract carriage, Stage carriage
Contract carriage, Stage carriage, the contract carriages are for those who want to hire the vehicle collectively or individually for a group or a party for their transport to a destination/destinations. The vehicle has to be hired as a whole for the carriage of passengers mentioned in the contract. Stage carriage is intended to meet the requirements of the general public travelling from one destination to another having different purposes whereas a contract carriage is meant for those who want to hire a public service vehicles as a whole collectively for their transport from one destination to another having the same purpose, State of Andhra Pradesh v. B. Noorulla Khan, (2004) 6 SCC 194 (203): AIR 2004 SC 2413. [Motor Vehicles Act, 1988, s. 2(7) and (40)]...
Contract note
Contract note, a short statement of the effect of a contract. The expression is defined ins. 77(3) of the Finance (1909-10) Act, 1910, as follows:--For the purposes of this Part of this Act, the expression contract note' means the note sent by a broker or agent to his principal, or by any person who by way of business deals, or holds himself out as dealing, as a principal in any stock or market-able securities, advising the principal or the vendor or purchaser, as the case may be, of the sale or purchase of any stock or marketable security, but does not include a note sent by a broker or agent to his principal where the principal is himself acting as broker or agent for a principal, and is himself either a member of a stock exchange in the United Kingdom or a person who bona fide carries on the business of a stockbroker in the United Kingdom, and is registered as such in the list of stockbrokers kept by the Commissioners.The same s. imposes stamp duties on contract notes varying with t...
Proper law of a contract
Proper law of a contract, refers to the legal system by which the parties to the contract intended their contract to be governed if their intention is expressly stayed or if it can be clearly inferred from the contract itself or its surrounding circumstances, such intention determines the proper law of con-tracts. Where, however, the intention of the parties is not expressly stated and no inference about it can be drawn, their intention as such has no relevance. It that event, the courts endeavour to impute an intention by identifying the legal system with which the transaction has its closest and most real connection, National Thermal Power Corporation v. Singer Company, 1992 (3) SCC 551....
The contract contains any other stipulation by penalty
The contract contains any other stipulation by penalty, the expression 'the contract contains any other stipulation by way of penalty' comprehen-sively applies to every covenant involving a penalty whether it is for payment on breach of contract of money or delivery of property in future, or for forfeiture of right to money or other property already delivered, Fateh Chand v. Balkishan Das, AIR 1963 SC 1405 (1411): (1964) 1 SCR 515...
Contract of option
Contract of option, is one whereby the grantor of the option offers to enter into what may be called a 'major' contract with a second person and makes a separate contract to keep his offer open, Varty v. British South Africa Co., (1965) 1 Ch 508 (522)....
Voidable contract
Voidable contract, An agreement which is enforce-able by law after option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract.. [Contract Act, 1872 (9 of 1872), s. 2(i)]...
Void contract
Void contract, A contract which ceases to be enforce-able by law becomes void when it ceases to be enforceable. [Contract Act, 1872 (9 of 1872), s. 2(j)...
Simple contract
Simple contract, a contract made either verbally or in writing but not under seal. See Addison, Chitty, Leake, or Pollock on Contracts.Before 1870 simple contract debts were, in the administration of the estate of a deceased person, postponed to debts secured by instrument under seal, called 'specialty debts,' but all such priority was abolished by the Administration of Estates Act, 1869, s. 1, replaced by A.E. Act, 1925, s. 32. See also LIMITATION....
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