About Lesson
Modes of Performance
- Who Can Demand & Who Must Perform
- Time and Place of Performance
- End-of-Topic Questions
Discharge of Contract
- By Performance, Breach, Mutual Agreement, Operation of Law
- End-of-Topic Questions
The Indian Contract Act, 1872
This section covers how agreements become enforceable contracts and the conditions for validity.
Key Topics:
Offer, acceptance, and consideration
Capacity (minors, unsound mind)
Free consent vs. coercion, fraud, undue influence
Discharge of contracts and remedies for breach
Understanding these essentials helps you:
Recognize when a contract is legally binding
Protect your interests in any commercial or personal deal
Assess potential legal issues around performance and enforcement
It’s the backbone of business law, ensuring smooth transactions and clear liability allocation when disputes arise.
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The Sale of Goods Act, 1930
This section explains the sale and purchase of goods in business.
Key Topics:
Distinction between “sale” and “agreement to sell”
Types of goods (existing, future, contingent)
Conditions vs. warranties and their legal impact
Transfer of ownership and risk
Why it matters:
Clarifies rights and obligations in commercial trades
Helps you handle contract breaches (e.g., defective goods)
Explains the “unpaid seller” remedies, crucial in preventing losses
By studying these rules, you’ll master everyday trade essentials and safeguard contractual interests.
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The Indian Partnership Act, 1932
This section introduces partnerships—a common business setup.
Key Topics:
Definition, formation, and registration of partnership
Partners’ rights, duties, and liabilities
Implied authority and joint/several liability
Dissolution of partnership and settlement of accounts
Importance:
Offers insight into how partners operate jointly yet share legal responsibility
Ensures you’re aware of potential pitfalls in profit/loss sharing
Helps resolve disputes with clarity on dissolution procedures
Partnership law fosters effective teamwork and fair profit distribution among partners.
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The Limited Liability Partnership Act, 2008
This section focuses on LLPs, combining partnership flexibility with limited liability.
Key Topics:
LLP incorporation and agreement
Role of designated partners and compliance duties
Management structure and partner changes
Winding up and dissolution
Why it’s relevant:
Limits personal liability while allowing operational freedom
Simplifies statutory requirements compared to companies
Appeals to professionals, small businesses, and startups
LLPs demonstrate how modern business law adapts to evolving entrepreneurial needs.
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The Companies Act, 2013 (Basic Concepts)
Here, you’ll explore how companies differ from partnerships and LLPs.
Key Topics:
Company formation, MOA, AOA, and incorporation
Types of companies (private, public, OPC)
Directors, shareholders, and governance essentials
Meetings, resolutions, and basic winding-up procedures
Significance:
Explains limited liability, perpetual succession, and separate legal entity
Outlines corporate structure and regulatory framework
Reinforces why robust compliance supports investor confidence
Mastering these concepts prepares you for understanding and participating in corporate operations.
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