Contract II — Special Contracts
“A contract of guarantee is a contract to perform the promise, or discharge the liability, of a third person in case of his default.” — Section 126, Indian Contract Act, 1872
Unit Coverage
| Unit | Topics |
|---|---|
| Unit I — Indemnity & Guarantee | Contract of indemnity, indemnity vs guarantee, contract of guarantee, rights & discharge of surety, continuing guarantee, co-sureties |
| Unit II — Bailment & Pledge | Bailment (kinds, rights & duties of bailor and bailee), finder of goods, lien (particular & general), pledge & pledge by non-owner |
| Unit III — Agency | Creation of agency, kinds of agents, agent’s authority, sub-agent & substituted agent, principal & third parties, ratification, termination |
| Unit IV — Indian Partnership Act, 1932 | Definition & existence, rights & duties of partners, relations with third parties, types of partners, admission/retirement/expulsion, dissolution, registration |
| Unit V — Sale of Goods Act, 1930 | Sale vs agreement to sell, conditions & warranties, caveat emptor, passing of property, nemo dat quod non habet, unpaid seller’s rights |
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