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1. What is the difference between valid, void or
voidable contract. Please explain the instances when a contract becomes valid,
void or voidable contract.
Answer: The
Contracts or agreements between various parties are framed and validated by the
Indian Contract Act. Contract Act is one of the most central laws that
regulates and oversees all the business wherever a deal or an agreement is to
be reached at. The following section will tell us what a contract is.
For example, A agrees to pay Rs 100 to B and B agrees to give him a book
which is priced at Rs 100. This is a set of promises, which form consideration
for each other. However, if A agrees to pay Rs 100 to B, but B does not promise
anything, it is not ‘set of promises forming consideration for
2. Please give at least two (2) real life examples on
how the recent amendments in Companies Act, 2013 has brought about sweeping
changes in corporate scenario of India.
Answer: Recently
ministry of corporate affairs, made some changes in DIN provisions under
companies act. Director identification number (DIN) is a unique identification
number. In this digitised era, application in
3. Arun and Smitha are good friends since a long time.
Smitha is in need of a house loan with a bank and Arun has agreed to be a be a
co-applicant cum “guarantor” to help Smitha secure the house loan. Smitha after
taking possession of the Flat started defaulting payments of the house loan and
absconded. In light of the above instance, you are called to advise the bank on
the following queries:
a. What is the contract between Arun, Smitha and the
bank termed as? Identify Arun, Smitha and the bank according to their roles in
such contract?
b. Does the bank have any right against Arun? If yes
please explain in detail? If, Arun voluntarily offers to pay the loan to the
Bank, what are his rights? Please explain in detail?
Answer: a) In
the given case, Arun has agreed to be a co-applicant cum “guarantor” to help
Smitha secure the house loan so this is clearly a contract of guarantee. A
contract of guarantee is defined as “a contract to perform the promise or discharge
the liability of a third person in case of his default”. The person who gives
the guarantee is called surety; the person for whom the guarantee is given is
called the principal debtor; and the person to whom the guarantee is given is
called the creditor. A
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