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By Shweta Bambuwala
Void Agreements:A Void Agreement is not enforceable by Law. i. NO LEGAL EXISTANCE .e.
13. 9.Types of Void Agreements:1. 3. 8. 15. 5. 4. 10. 14. 12. Consideration or Object of which is Unlawful Without Consideration In Restraint of Marriage In Restraint of Trade In Restraint of Legal Proceedings The Meaning is Uncertain By way of Wages Contingent on an Uncertain Future event Contingent on an Impossible event To do an Impossible event To do an act which subsequently becomes impossible . By Incompetent Persons Under Mutual Fact Under Mistake as to Law not in Force Consideration is Unlawful. 6. 11. 2. 7.
26) Right to get married Right to exercise choice For minor does not apply till the attainment of majority .Agreement in Restraint of Marriage:Except minor it is void (sec.
(sec.Agreement in Restraint of Trade:Every agreement by which anyone is restraint from exercising a Lawful profession trade or business of any kind.27) Usually such Trades are contrary to public policy Divisible agreements can be carried on for part of agreement which is valid . is to that extent void.
. Mutual chance of gain & loss is must Essence is one party to win & other to loss upon a future event Betting agreements are wagering agreements. Wager An agreement between two parties to the effect that if a given uncertain event happens. one party shall pay certain sum to other party. .Agreements by Way of Wager:Void No suit enforceable for recovery of anything alleged to be won««.
Essentials: Uncertain event Mutual chance of gain loss Promise to pay money or money's worth No control over happening of event Exceptions: Horse racing ± not illegal as per sec.294(a) Speculation is not wagering contract Insurance contract Games of skill or athletic competitions Cross literacy competitions Share Market Transactions Chit funds us declared by court of Law .
Contingent Contract A Contract to do or not to do something if some event is collateral to such contract. . does or does not happen (sec 31).
Fire Insurance .Essentials 1.Contingency must be uncertain 3.Existence of Contingency 2.Event must be collateral Ex:.
Happening of a Future Uncertain Event Non happening of a Future Uncertain Event (Negative Condition) Future Conduct on living person Specified event happening within fixed time Specified event not happening within a fixed time Impossible events .Rules regarding Contingent Contract Enforcement of contract contingent on.
Also known as implied contracts as obligation is implied Principles of quasi contracts Duty is foundation of quasi contracts A person should not be allowed to enrich himself at the expense of another . Also termed as ³ Certain Relations resembling those created by law ³. No contract in fact but created by law.Quasi Contracts Quasi Contract is not a contract at all.
Thing must be done lawfully No intention to act gratuitously person must enjoy benefit of the act Finder of goods Mistake or coercion .Types of quasi Contracts Necessaries supplied to incompetent person Payment by an interested person Liability to pay for non gratuitous acts Conditions to be fulfilled are.