Inam lands

Quasi Contract

What is a Quasi Contract

A quasi contract is an agreement between two parties without previous obligations to one another that has been created and legally recognized by the court system. Under a quasi-contract, neither involved party is expected to create such an agreement; this contract is arranged and imposed by a judge to correct a circumstance in which one party acquires something at the expense of the other party.

Quantum meruit

DescriptionQuantum meruit is a Latin phrase meaning what  one has earned". In the context of contract law, it means something along the lines of "reasonable value of services". In the United States, the elements of quantum meruit are determined by state common law

Undue influence

Description

In jurisprudence, undue influence is an equitable doctrine that involves one person taking advantage of a position of power over another person. This inequity in power between the parties can vitiate one party's consent as they are unable to freely exercise their independent will

executory contract

An executory contract is a contract made by two parties in which the terms are set to be fulfilled at a later date. The contract stipulates that both sides still have duties to perform before it becomes fully executed. The contract is often in place between a debtor or borrower and another party.

Novation

Novation agreements are used to transfer the rights and obligations of one party under a contract to another party, whilst the other contracting party remains the same. The new party may be said to "step into the shoes" of the departing party.

We supply two different novation agreement templates:

• a standard novation agreement; and
• an ab initio novatio agreement.

Under the standard document, contractual rights and liabilities subsisting from some point in time after the original execution of the contract are assigned to the new party. Under the ab initio document, all historic rights and liabilties are transfered to the new party.

All three parties - the transferor, the transferee, and the counterparty (i.e the other contracting party) - need to sign the novation agreement.

Novation agreements may be necessary because of legal and contractual restrictions on the assignment of contractual rights and, especially, obligations.

Corporate transactions such as mergers and acquisitions often involve the novation of large number of contracts.

Privity Contract

The Indian Contract Act clearly states that there cannot be a stranger to a contract. What does this exactly mean? And are there any exceptions? This is explained through the Doctrine of Privity of a Contract. Let us see.

Doctrine of Privity of Contract

The Indian Contract Act. 1872, allows the ‘Consideration‘ for an agreement to proceed from a third-party. However, a stranger (third-party) to a consideration is different from a stranger to a contract. The law does not allow a stranger to file a suit on the contract. This right is available only to a person who is party to the contract and is called Doctrine of Privity of Contract.

Let’s understand this with the help of an example:

• Peter has borrowed some money from John.
• Peter owns a property and decides to sell it to Arjun.
• Arjun promises to pay John on behalf of Peter.

Offer

In contract law, an offer is a promise in exchange for performance by another party. An offer can be revoked or terminated under certain conditions. There are also times when an offer can be negotiated to create a counter-offer

Considaration

a vital element in the law of contracts,consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into acontract. ... In a contract, one consideration(thing given) is exchanged for anotherconsideration.

Validid Void

Voidable Contracts - a voidable contract is a contract which may appear to bevalid and has all of the necessary elements to be enforceable, but has some type of flaw which could cause one or both of the parties to void the contract. Thecontract is legally binding, but could become void.