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Judgment Search Results Home > Cases Phrase: indian contract act 1872 section 31 contingent contract defined Page 1 of about 42,639 results (0.985 seconds)

Oct 14 2008 (HC)

Rajshree Sugars and Chemicals Limited Rep. by Its Director and Chief O ...

Court : Chennai

Reported in : 2008BusLR908; 2009(1)CTC227; (2008)8MLJ261

..... what a 'wagering contract' is. but the consequences of a wagering contract are indicated in section ..... section 23 of the contract act. it is the further contention of the plaintiff that since there was no underlying exposure, the contract was, per se, speculative and a wagering contract, hit by section 30 of the contract act. therefore, it is necessary to analyse whether the contract in question is hit by section 23 and/or section 30 of the contract act. 54. though the indian contract act, 1872 defines a 'contingent contract' under section 31, it does not define ..... of the master circulars and the regulations issued by the reserve bank of india and consequently hit by section 23 of the indian contract act, 1872; (c) that the defendant-bank failed to make a study of the risk management policy of the plaintiff-company and the ..... not by their description in the applications.19. primarily the plaintiff assails the opt contract on the grounds inter alia -(a) that it is nothing but a 'wagering contract' hit by section 30 of the indian contract act, 1872; (b) that it was not supported by an underlying exposure and hence violative .....

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Sep 06 2011 (HC)

Western Coalfields Limited and anr. Vs. Rajesh S/O Nandlal Biyani and ...

Court : Mumbai Nagpur

..... guarantee is given is called the 'creditor'. 20) section 31 of the indian contract act, 1872, defines the contingent contract and the same is reproduced below chapter iii : of contingent contracts "section 31. "contingent contract" defined.- a "contingent contract" is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen." section 32 of the said act, deals with the enforcement of the contracts contingent on an event happening, and the same is also ..... relevant hence, reproduced below "section 32. enforcement of contracts contingent on an .....

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Jan 17 2013 (HC)

M/S. Ancl and Co. (India) Pvt. Ltd. Vs. Corporation Bank and Others

Court : Mumbai

..... 20, 21, 22, 23, 24, 31 and 33 which reads thus:- ??20. section 31 of the indian contract act, 1872, defines the contingent contract and the same is reproduced below ?? chapter iii : of contingent contracts ??section 31. 'contingent contract' defined ??a 'contingent contract' is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen. section 32 of the said act, deals with the enforcement of the contracts contingent on an event happening, and the ..... same is also relevant hence reproduced below - ??section 32. enforcement of contracts contingent on .....

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Jul 19 2016 (HC)

HDFC Bank Ltd. Vs. Rohan Dyes and Intermediates Ltd.

Court : Mumbai

..... what a wagering contract is. but the consequences of a wagering contract are indicated in section ..... section 23 of the contract act. it is the further contention of the plaintiff that since there was no underlying exposure, the contract was, per se, speculative and a wagering contract, hit by section 30 of the contract act. therefore, it is necessary to analyse whether the contract in question is hit by section 23 and/or section 30 of the contract act. 54. though the indian contract act, 1872 defines a contingent contract under section 31, it does not define ..... company with the petitioner bank is void-ab-initio, illegal and unenforceable as it amounts to a wagering contract , and therefore, hit by the provisions of section 30 of the indian contract act, 1872. 21. the next submission canvassed by mr cama was that the claim made in the present company petition ..... ancillary argument to this is that if no physical delivery was required then the same would amount to wagering contract which would be squarely hit by section 30 of the indian contract act, 1872. 14. i am unable to agree with this submission. it is common knowledge that any derivative transactions, .....

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Oct 05 2015 (HC)

Om Builders (P) Ltd. Vs. Anil Chinubhai Kilachand and Others

Court : Mumbai

..... , if some event, collateral to such contract, does or does not happen. illustration a contracts to pay to b rs.10,000 if b's house is burnt ..... by p. ramanatha aiyar 3rd edition defines contingency at page 1012 as (1) a situation in which an event may or may not happen, (2) something that is liable, but not certain, to happen at some time in the future. 24. contingent contracts are set out and defined in section 31 of the indian contract act, 1872 thus: chapter iii of contingent contracts 31. contingent contract ? defined. a contingent contract ? is a contract to do or not to do something ..... . this is a contingent contract. the illustration is truly educative. it shows a contingency which is uncertain .....

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Jan 07 2013 (HC)

Tirupati Texknit Limited (T.T. Ltd) Vs. Habib Bank Limited and ors.

Court : Delhi

..... furthermore, the banker also stated that the amended letter of credit was a contingent contract under section 31 of the indian contract act, 1872 because the liability to remit payment was to arise only on the realization of export proceeds. section 31 of the act reads as follows:"1. contingent contract defined.- a" contingent contract" is a contract to do or not to do something, if some event, collateral to ..... such contract, does or does not happen." reliance can be placed on the ruling in panchanan ..... within the purview of the second part of the article...."11. the bank therefore submitted that since the letter of credit is a contingent contract and falls within the ambit of section 31 of the indian contract act, 1872, therefore, any amendment made to the effect of its performance without fixing any specific date of its performance is not bad in law ..... the export proceeds.24. learned counsel for the defendant is correct when he states that the letter of credit would be a contingent contract as rfa(os) 20/2007 pag 6. per section 31 of the indian contract act, 1872.25. i accordingly dismiss the suit against defendant no.1. i decree the suit against defendants 2 and 3 as prayed .....

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Nov 22 2010 (SC)

M/S J.P. Builders and anr. Vs. A. Ramadas Rao and anr.

Court : Supreme Court of India

..... our answer.21) chapter iii of the indian contract act, 1872 deals with contingent contracts. contingent contract has been defined in section 31 and method of enforcement is stated in section 32 which reads as under:"31. "contingent contract" defined.-- a "contingent contract" is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen.32. enforcement of contracts contingent on an event happening.-- contingent contracts to do or not to do anything if ..... his readiness and willingness all along and the same was rightly accepted by the trial court and confirmed by the high court.ii) the contract in question is not a contingent contract in terms of sections 31 and 32 of the indian contract act, 1872.iii) in view of the fact that the plaintiff has prayed for larger relief and the trial court has confined to lesser relief of ..... an uncertain future event happens, cannot be enforced by law unless and until that event has happened. if the event becomes impossible, such contracts .....

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Mar 23 2016 (HC)

Blue Coast Hotels Limited Vs. IFCI Limited

Court : Mumbai

..... includes any mortgage, charge, hypothecation, assignment other than those specified in section 31;" "(2) words and expressions used and not defined in this act but defined in the indian contract act, 1872 (9 of 1872) or the transfer of property act, 1882 (4 of 1882) or the companies act, 1956 (1 of 1956) or the securities and exchange board of india act, 1992 (15 of 1992) shall have the same meanings respectively assigned ..... underlying such debt or receivables; or (v) any beneficial interest in property, whether movable or immovable, or in such debt, receivables, whether such interest is existing, future, accruing, conditional or contingent; or (vi) any financial assistance;" "(o) "non-performing asset" means an asset or account of a borrower, which has been classified by a bank or financial institution as sub-standard ..... the purchaser to deposit with him the money required to discharge the encumbrances and any interest due thereon together with such additional amount that may be sufficient to meet the contingencies or further cost, expenses and interest as may be determined by him; [provided that if after meeting the cost of removing encumbrances and ..... contingencies there is any surplus available out of the money deposited by the purchaser such surplus shall be paid to the purchaser within fifteen days from the date of finalisation of .....

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Feb 09 1996 (SC)

U.P. Rajkiya Nirman Nigam Ltd. Vs. Indure Pvt. Ltd. and Others

Court : Supreme Court of India

Reported in : 1996IIAD(SC)318; AIR1996SC1373; 1996(1)ARBLR236(SC); JT1996(2)SC322; 1996(2)SCALE247; (1996)2SCC667; [1996]2SCR386; 1996(2)LC48(SC)

..... section 4 when it comes to the knowledge of the person to whom it is made. communication of an acceptance is complete - as against the proposer, when it is put ..... '. section 31 defines 'contingent contract' to mean 'a contract to do or not to do something, if some event, collateral to such contract, does not happen'. a contingent contract to do or not to do anything, if an unforeseen future event happens, cannot be enforced by law, under section 32, unless and until that event has happened. if the event becomes impossible, such contract becomes void. section 2(a) of the act defines 'arbitration ..... had come into force the moment it was signed by the respondent and sent the same to the petitioner and the petitioner though did not sign it but acted upon it which amounts to indirect acceptance'.7. section 3 of the indian contract act, 1872 envisages communication of proposal, acceptance of proposal and the revocation of the proposal and acceptance. communication of proposal is complete under .....

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Aug 11 2014 (HC)

M/s. Mascon Multiservices and Consultants Pvt. Ltd. Vs. Bharat Oman Re ...

Court : Mumbai

..... the activity without raising the claim under clause 47 and was, therefore, barred from making such a claim. mr. andhyarujina would argue that clause 47 is void under section 28(b) of the indian contract act, 1872. section 28 of the ica runs thus: 28. agreements in restraint of legal proceedings, void. ?? every agreement, ?? (a) by which any party thereto is restricted absolutely from ..... damages arising from the breach. it may be mentioned that the first part would be covered by section 73 of the indian contract act which deals with compensation for loss or damage caused by the breach of contract. the second contingency would arise under section 74 of the indian contract act when the parties know of the amount of loss which would be the result of the breach and ..... award.... reasons are the links between the materials on which certain conclusions are based and the actual conclusions.... a mere statement of reasons does not satisfy the requirements of section 31(3). reasons must be based upon the materials submitted before the arbitral tribunal. the tribunal has to give its reasons on consideration of the relevant materials while the irrelevant ..... . no further evidence was led. the claim has been considered upon the terms of the contract. hence the award in this behalf cannot be interfered with. claim no.5 : noc for revenue forest (chhote bade zad ke jungle) 120. this came to be defined, specified and considered in a judgment of the supreme court for permission being required if any .....

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