Revocation of Offer

Indian Contract Act provides for revocation of the offer. The offer can be revoked as per section 5 of the Indian Contract Act. The offeror can revoke the offer any time. But, the revocation can be done only before the communication of acceptance is complete. The communication of acceptance includes the process of expressing the communication i.e. when the acceptor accepts the offer; he will begin the acceptance process with communication of acceptance of the offer. That process of communication is considered the completion of acceptance.

Advantages of Copyright

Copyright is an exclusive right to do anything subject to regulations as per the law that deals with the copyright. Section 14 of Copyright Act 1957 explains the meaning of copyright. It is an exclusive right as per the provisions of the act to authorize to do anything subject to regulations. The copyrights and how to utilize the right are detailed hereunder. These are actually the advantages and benefits of copyrighting the work that was done.

Indian Contract Act Important Issues

The Law of Contract covers the enforcement of what?
Voluntarily created civil obligations

The obligations that do not necessarily arise from an agreement are what?
Torts, Quasi-contracts and Court Judgments

What is it called when a person making a promise may be bound to obey the promise even without any agreement or contract?
Promissory Estoppel

Classification of Negotiable Instruments

The negotiable instruments are used in daily business and trade and they are transferred from one person to another person in return for a consideration. There are many negotiable instruments divided under two main heads namely; negotiable instruments by the statue and negotiable instruments by usage. Also, these negotiable instruments are classified into several types. Hereunder let us analyze all those instruments in detail.

Difference between Bill of Exchange and Promissory Note

Bill of exchange and promissory note are negotiable instruments by statue and are mentioned in Negotiable Instrument Act of India. Both the promissory note and the bill of exchange are used in trade but they both are different in many ways. Here under are the differences between both the instruments in detail.

Elements of a Bill of Exchange

A bill of exchange is a negotiable instrument. It is made by the person who signs it. It is an unconditional order and a direction to specific person to pay a sum of money only to another specific person or to the order of or also to the bearer of the instrument. An instrument to be a bill of exchange that shall have some features to be a bill of exchange.

Elements of a Promissory Note

The promissory note is a negotiable instrument. It is an unconditional undertaking written by the maker who signs the same. The unconditional undertaking is to pay a sum of amount to any person as mentioned in the note or to the bearer of the instrument. The maker is the one who makes the instrument. He is the one who promises to pay the amount as mentioned. He signs the instrument and ratifies his unconditional undertaking. The maker of the instrument pays the amount to another person who is called the payee.