A promise without consideration cannot create a legal obligation. The general rule is that an agreement made without consideration is void. This rule is ...

Hire Purchase Systemis a special system of purchase and sale. When goods are purchased on hire-purchase system, purchaser pays the price in installments, ...

Acceptance. Section 2 (b) of the Indian Contract Act, 1872 defines acceptance in these words: When one person to whom the proposal is made ...

Meaning of offer : Section 2(a) of the Indian Contract Act, 1872 defines proposal or offer as follows : When one person signifies to another his willingness to ...

In simple words, a contract is an agreement made between,two or more persons to do or to abstain from doing a particular act. According to Section 2(h) of the ...

Section 2 (h) of the Indian Contract Act, 1872 defines a contract as an agreement enforceable by law. In other words, an agreement which can be enforced in a ...

In simple words, a contract of sale of goods is a contract whereby a seller transfers the ownership in goods to buyer or agrees to transfer it to the buyer ...

Accounting concepts: Accounting concepts mean and include those basic assumptions or conditions upon which the science of accounting is based. The ...

Reservation Bank of India (RBI) has play multiple roles in India, which can be broadly categorized as traditional role, supervisory role and promotional role. ...

Departmental stores: A large-scale retail store which contains various departments in which each department sells a particular type of product called a ...