Contract Law

A wagering contract is one where two persons hold opposite views on a future uncertain event and mutually agree that depending on the determination of that event, one shall win from the other and then other shall pay a sum of money. So, the above mentioned contract is a wagering contract.

An alteration is a variation made in the language or terms of a legal document that affects the rights and obligations to the parties to contract. An alteration of an instrument materially changes it.

A contingent contract is a contract to do or not to do something if some event collateral to such contract does not happen. A contingent contract depends upon the happening or non-happening of a certain event. If such event takes place, then a contingent contract becomes valid and if that uncertain event does not take place, then a contingent contract becomes void. A contract of life insurance, the performance of which depends upon a future event, falls under the category of a contingent contract.

Damages mean the monetary compensation that is awarded by a court in a civil action to an individual who has been injured due to wrongful conduct of another party.

Both options are correct. Quantum merit means what one has earned or a sum according to the proportion of work done.

A material alteration made in a written contract by one party without the consent of other will make the contract void and no person can make an action upon it. Thus, it falls under 'discharge of contract by operation of law'.

Damages are the most common remedy for breach of contract. When compensatory damages are awarded, a court orders the person who breached the contract to pay the other person enough money to what they had promised in contract.

Rescission means termination of a contract by mutual agreement between the parties or as a result of some legal defect or as a result of fraud, etc. Under rescission, both the parties are discharged from the obligations of a contract.

A claim of non est factum means that the signature on a contract was signed by mistake, without the knowledge of its meaning, but was not done so negligently. A successful plea makes the contract void ab initio.

Where both the parties to an agreement are under a mistake as a matter of fact, the agreement is void in such a case. As in the above case, both the parties were not aware of the facts that the ship has cast its way. Thus, the agreement is void under Section 20 of the Indian Contract Act.

A contract to do an act, which after the contract is made, becomes impossible by reason of some event, which the promisor could not prevent, becomes void when the contract becomes impossible. Thus, neither party is liable for the non-performance of contract.

A contract of assignment is one when original parties to contract gives the obligations and benefits of  contract to another party. Whereas where a party assigns only the benefits of contract and retain the obligations, it is called assignment of rights.

A plea that the delay was due to administrative reasons is not sufficient by itself to establish sufficient cause. It is merely an averment in the nature of a plea and it does not itself establish sufficiency for cause of action.

A contingent contract is a contract to do or not to do something if some event collateral to such contract does not happen. A contingent contract depends upon the happening or non-happening of a certain event. If such event takes place, then a contingent contract becomes valid and if that uncertain event does not take place, then a contingent contract becomes void.

Liquidated damages are damages whose amount is designated during the formation of a contract for the injured party to collect as compensation upon a specific breach.