logging in or signing up VOID_AGREEMENTS_ppt VICHU02 Download Post to : URL : Related Presentations : Let's Connect Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Copy embed code: Embed: Flash iPad Dynamic Copy Does not support media & animations Automatically changes to Flash or non-Flash embed WordPress Embed Customize Embed URL: Copy Thumbnail: Copy The presentation is successfully added In Your Favorites. Views: 217 Category: Entertainment License: All Rights Reserved Like it (0) Dislike it (0) Added: May 02, 2012 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript VOID AGREEMENTS: VOID AGREEMENTSVOID AGREEMENTS: VOID AGREEMENTS sec.2(g) of the indian contract act,had defined the expression “ Void agreements “as follows “agreement not enforceable by law is said to be void.in other words,the agreement which the courts of law will not enforce is a void agreement.The following agreements have been expressly declared to be void by the contract act:: The following agreements have been expressly declared to be void by the contract act: Agreements by incompetent parties(sec11),incompetent person like minor, unsound mind etc Agreements made under a mutual mistake of fact (sec 20) Agreements the consideration or object of which is unlawful(sec 23) Agreements the consideration or object of which is unlawful in part(sec 24) (cont…)PowerPoint Presentation: Agreements without consideration (sec-25) Agreements in restraint of marriage (sec-26) Agreements in restraint of trade (sec-27) Agreements in restraint of legal proceedings (sec-28) Agreements the meaning of which is uncertain (sec-29) Agreement by way of wager (sec-30) Agreement contingent on impossiable acts (sec-56) Reciprocal promises to do things legal and also other things illegal, the second set of reciprocal promises is a void agreement (sec-57)9. Agreements the meaning of which is uncertain (sec-29) : 9. Agreements the meaning of which is uncertain (sec-29) Agreements the meaning of which is not certain or capable being made certain,are void (sec-29) The uncertainty may be also to Existence Quality Quantity Price Title toExample : Example 1.A agrees to sell B “1000 tones of oil’’ the agreement is void because there is nothing to show what kind of oil was intended.the agreement is void for uncertainty. 2.A agrees to sell B “my cow for rs.1000 or 1500’’.as there is nothing to show which of the two parties was to be given ,the agreement is void Agreement by way of wager (sec-30) : Agreement by way of wager (sec-30) The expression “wagering agreements’ or ‘wager’ is an agreement entered into between two parties to the effect that if a given uncertain event happens one party shall pay a certain sum to other and in the contrary event happening,the other one shall pay to the first.Example: Example 1.A and B agree with each other that if it rains on tuesday,A will pay Rs100 to B and if it does not rain on Tuesday,B will pay A rs.100.such an agreement is a wagering and hence is void. 2.There is an agreement between A and B which provides that if indian cricket team beats pakistan cricket team,A will pay rs.1000 and if pakistan cricket team beats india cricket team,B will pay rs.10.the agreement is a wager.ESSENTIAL OF A WAGER: ESSENTIAL OF A WAGER Dependence on uncertain event, Mutual chance of gain or loss, No other interest in the event No control over the event Promise to pay money or money’s worthWhat are not wagers?-exceptions/the following transactions are not wagers: What are not wagers?-exceptions/the following transactions are not wagers Contract of insurance Skill competitions Horse race competition Share market transactions Sports competitionsVOID CONTRACTS: VOID CONTRACTS According to sec.2(j) of the act,void contract is “a contract which ceases to be enforceable by law becomes void when it ceases to be enforceable. Circumstances under which a contract becomes void: Impossible act Lack of free consent Impossibility of events are of contingentPowerPoint Presentation: Thanking you You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.