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Contract Law
Contract Law
What is a Contract
Contract is an agreement enforceable by law.
For the formation of contract, there must be an agreement and its enforceability at
law.
5. What is an Offer
An offer is a statement of terms which it appears that you are willing to standby.
9. What is Consideration
Consideration means something in exchange.
2. What is Arbitration?
Arbitration means submission by two / more parties of their disputes to the judgment of
a third person called ‘arbitrator’ who has to decide the dispute in an impartial
manner following principles of natural justice
6. Institutional Mechanism
- Indian Council of Arbitration (ICA)
- Indian Society of Arbitrators (ISA)
- International Centre for Alternate Dispute Resolution (ICADR)
7. Advantages of Arbitration
- Quick decision
- Minimum technical formalities
- Flexibility & Specialisation
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