Court : Mumbai
Reported in : AIR2004Bom362; 2004(2)ALLMR369; IV(2004)BC181; (2006)3CompLJ253(Bom)
..... in clause 31(b) of the agreement dated 1-11-2000 after the completion of the contract is in the nature of restraint of trade and, therefore, void under section 27 of the contract act, 1872 and we have already held that the said covenant is a restrictive covenant in the restraint or ..... whether the covenant in clause 31(b) of the agreement dated 1-11-2003, after the completion of the contract, is in the restraint of trade and, therefore, void under section 27 of the contract act, 1872. clause 31 of the agreement provides thus : '31. negotiation and rights of first refusal:(a) negotiation :-- ..... trade and, therefore, void tinder section 27 of the contract act.15. in what we have held above, we also do not ..... during the third contract year, and in any event not later than august 1st, 2003 the parties shall meet to ..... the test of reasonableness nor the principle that the restraint being partial was reasonable is applicable to a case governed by section 27 of the contract act, unless it falls within exception 1. we, there fore, feel that no useful purpose will be served in discussing the several english decisions cited .....Tag this Judgment!
Court : Karnataka
Reported in : IV(2006)BC180; 131CompCas54(Kar); ILR2006KAR2365; 2006(1)KarLJ534
..... the bank and having owned the liability, has acknowledged to repay the loan with interest in installments and that the lower appellate court having rightly relied upon the commentary on contract act, 1872 referring to section 2(d) and section 25, has clearly held that the plaintiff-bank has proved its case for having advanced the loan amount and the finding of the ..... passed against such estate, there is consideration for the acknowledgment and for assumption of personal liability by the son', and also relying on the commentary on section 25 of the contract act, has come to the conclusion that the father was liable to pay the loan having acknowledged the loan of his son and for making some payments in that regard. at ..... be made before the expiration of the prescribed period for a suit or other proceeding.12. in the case of appukuttan panicker, referring to section 62 of the contract act as regards novation of contract, the division bench of the kerala high court has held thus:on the basis of the provisions in the document it has been contended by the appellants that ..... khan (dead) by l.rs and ors. v. andhra bank limited and ors. : air1983kant73 (db), wherein this court referring to section 126 of the contract act has held as under:section 126 of the contract act which defines a 'contract of guarantee' makes it clear that it involves three parties viz., the creditor, the surety and the principal debtor who should all be privy. their .....Tag this Judgment!
Court : Karnataka
Reported in : ILR1992KAR1053; 1992(2)KarLJ583
..... bank of india v. premco saw mill; (iii) : air1929all72 , chakanlal and ors. v. kanhaiyalal ors. ; (iv) , gulam hussain v. faiyaz ali khan;24. section 127 of the indian contract act, 1872 ('the act' for short) reads thus:-'127. consideration for guarantee. - anything done, or any promise made, for the benefit of the principal debtor, may be sufficient consideration to the surety for giving ..... guarantee or even a past benefit can constitute a valid consideration for the sustenance of such an engagement.................'.'14. a reference to illustration (c) of section 127 of the indian contract act may be made. it reads:'a, sells and delivers goods to b. c afterwards without consideration, agrees to pay for them in default of b. the agreement is ..... must fulfil before the guarantee will attach, it may be entire of fragmentary and therefore divisible. the consideration for a promise of guarantee need not appear in writing.under the contract act, past consideration is also good consideration,26. in kali charan's case, it was contended that the surety bond was without consideration, because, the surety was not executed at ..... supported by consideration. even otherwise, it is contended by sri aswatharam, learned counsel appearing for the plaintiff-bank that as per the provisions contained in section 127 of the contract act, even the past consideration is a good consideration, it is also contended that the loans were granted on condition that the directors should stand as sureties and and it .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 55CompCas677(AP)
..... the duties and obligations indicated in the said agreement shall be final and binding on the bank ....' sections 124, 126, 128, 140 and 145 of the indian contract act, 1872, read as under : '124. a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other ..... clauses comprised in the text of ex. a-2, speak of the guarantee and nothing else. 15. secondly, in view of the last sentence, in s. 126 of the contract act, namely, 'a contract may be either oral or written', ex. a-2 by necessary and irresistible implication ropes in the third party, namely, the principal debtor as well, by virtue of reference ..... clause but also to the canons of construction. in fateh chand v. balkishan dass, : 1scr515 , the supreme court, while construing s. 74 of the indian contract act, held (headnote) : 'section 74 of the indian contract act is clearly an attempt to eliminate the somewhat elaborate refinements made under the english common law in distinguishing between stipulations providing for payment of liquidated damages and ..... they must be deemed to exclude the right to claim an unascertained sum of money as damages. the right to claim liquidated damages is enforceable under s. 74 of the contract act and where such a right is found to exist no question of ascertaining damages really arises. where the parties have deliberately specified the amount of liquidated damages there can be .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : AIR1997AP53
..... settled that in order to establish undue influence in a case of nature of inter vivos transactions as is embodied in s. 16 of the indian contract act, 1872, two important things must be proved; one, that the relation between the parties was such that the vendee or the donee was in a position to ..... the 1st respondent and her husband or he had used that position to obtain unfair advantage over them within the meaning of s. 16 of the contract act. actually speaking, the case of the 1st respondent appears to be that by practising trick, the 3rd appellant succeeded in obtaining the decree for permanent ..... for specific performance on the strength of the agreement to sell ex. bl falsely alleging that the plaintiff have failed to perform their part of the contract. the plaintiffs prayed for a decree for redemption of the mortgage, for accounts and redelivery of possession as also for setting aside or cancellation of ..... of the 2nd defendant for permanent injunction has been dismissed and in os no. 11/89, suit of the 3rd defendant for specific performance of the contract of the upper storey of amba bhavan has been dismissed.3. it is an admitted fact that one k. ramankutty alias lingam is the husband of ..... court has held that when the terms of the contract have been reduced to writing, extrinsic evidence as to what transpired subsequent 10 the contract is not admissible for ascertaining the terms in view of the provisions of s. 91 of the indian evidence act and if there is some doubt as to what .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 186ITR226(AP)
..... position however under section 4(1) also is that no interest can be awarded as damages on the basis of the common law principles enshrined in section 73 of the contract act, 1872. 27. the position may be unfortunate for plaintiffs but unless and until the legal position as to the common law rule as falling under section 4(1) of the interest ..... , as stated earlier, any claim for interest as damages under the common law or under section 73 of the indian contract act. in fact, in bengal nagpur railway co.'s case , the privy council specifically referred to section 73 of the contract act as being declaratory of the common law. in our opinion, whatever may be the position if the provisions of section 3 ..... as not belonging to the assessee), can be rejected for want of specific provision in the income-tax act, 1961 (2) whether, alternatively, interest is payable under common law or under section 73, contract act, or in equity or under section 4(1) of the interest act, 1978 point no. 1 :- the point is whether the absence of any provision in the income-tax ..... act, 1961, for payment of interest on refunds to non-assessees is a valid defence to the claim for interest .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 2003(5)ALD75
..... bank v. taraka prabhu publishers, : air1991ap258 , wherein it was upheld the bank's contention that the bank has got a hen even in terms of section 171 of the indian contract act, 1872. the learned counsel also contended that the dispute in the present case is a disputed question of fact as to the entitlement of the executive director of the petitioner company ..... fixed deposits to be given as security. in addition, it is contended by the learned counsel for the respondent that even under the provisions of section 171 of the indian contract act, 1872 the bank has got a lien towards the liability on any fixed deposits lying with the bank. even exercising such power, the bank has got a right to adjust the .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 2004(3)ALD357
..... to avoid the effect of 'no damage' clauses. [see hudson, ibid].in our country question of delay in performance of contract is governed by sections 55 and 56 of the indian contract act, 1872. if there is an abnormal rise in prices of material and labour, it may frustrate the ..... contract and then the innocent party need not perform the contract. so also, if time is of the essence of the contract, failure of the employer to perform a ..... found to have obtained by the department by coercion. the division bench observed in paras 12 and 13 as follows:'under section 14 of the contract act, it is essential for the enforceability of an agreement that the consent should be free. the consent should not have been obtained by coercion, ..... the parties thereto is not applicable to an agreement the formation whereof law interdicts or which falls within the prohibitory range of section 23 of the contract act. thus, no legal relations are created by the agreement offending a statute or public policy enabling neither party to enforce the agreement. (see: nutan ..... , the following points would arise for determination:(a) whether clause 59 imposes arbitrary or unreasonable condition?(b) whether it is hit by the provisions of contract act?(c) assuming it is valid clause, how it has to be construed and interpreted ?(d) how this clause was considered under various judgments?(e) .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1959SC1357; 1SCR569
..... this appeared on the face of it inasmuch as the arbitrators had purported to award such damages as could not be done under the provisions of the indian contract act, 1872. both these contentions were negatived by the learned single judge and he ordered the award to be filed in court and passed a decree in terms thereof. ..... the date of default but also a further sum of 10s. per ton. reference in this connection is made to sections 73 and 74 of the indian contract act, and it is said that the extra amount of 10s. per ton included in the sum of liquidated damages is against the provision of these section and ..... price on the date default and (ii) an addition of 10s. per ton above that. there is nothing in s. 73 or s. 74 of the contract act, which makes the award of such liquidated damages illegal. assuming that the case is covered by s. 74, it is provided therein that reasonable compensation may be awarded ..... this was per se unreasonable and was therefore bad accordingly to the law of india as laid down in sections 73 and 74 of the contract act. both these sections provide for reasonable compensation and s. 74 contemplates that the maximum reasonable compensation may be the amount which may be named in the ..... the application of these provisions to the facts of the case, and (ii) the construction of s. 7 of the protocol act and the indian contract act with respect to the damages awarded by the award. 8. in the statement of case also after narrating the facts and circumstances, the same two .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR2001SC2412; 2001(3)ARBLR2(SC); 106CompCas852(SC); (2001)3CompLJ1(SC); JT2001(Suppl1)SC603; 2001(4)SCALE102; (2001)5SCC751; 3SCR236; 2001(2)LC1315(SC)
..... of the units was not made, would be entitled to the refund of the money plus damages thereon calculated in accordance with the principles contained in section of the indian contract act, 1872.8. considering the fact that there was alternative plea for damages, on the facts of the present cases it would have been appropriate for the special court to have computed ..... 1st july , 1992 written by the respondent when read alongwith the computation sheet accompanying the said letter clearly shows that the respondent regarded that the appellant had committed breach of contract on 30th may, 1992. it is on this basis that it claimed, in addition to the return of money, damages being the difference between the return of money, damages being ..... of the units but by this letter of 1st july, 1992 the respondents claimed compensation of the claim was given according to which the respondent treated the breach of the contract to have taken placed on 30th may, 1992 and on that basis it claimed difference in price between the rate what was paid and the rate of the unit trust ..... kirpal, j.1. this is an appeal filed against the judgment of the special court constituted under the special court (trial of offences relating to transactions in securities) act, 1992 whereby the suit filed by the respondent was decreed and it was inter alia ordered that the appellant herein should purchase units which had been agree to be sold .....Tag this Judgment!