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February 2009

Fundamental Concepts of Organisational Behaviour

Organisational behaviour has fundamental concepts revolving round the nature of people and the nature of the organisation. Here i m going to discuss the concepts dealing with the nature of individuals : a) Individual differences : In spite of the fact that all human beings are similar, every one is different. Everyone has different nature, different quality of intelligence, different perception and different ways of behaving. The concept tells that …Read More

Essential Elements of Valid Contract

Indian Contract Act, 1872 Section 10 states that all agreements are contracts if they are made by the free consent of both the parties competent to contract, for a lawful consideration and with a lawful object and are not hereby expressly declared to be void. Thus, an agreement must possess certain elements in order to constitute or form a contract. Here are the essential elements of a valid contract: a) …Read More

Essential Requrements of a Contract (Indian Contract Act, 1872)

Following are the essential requirements of a Contract as per Indian Contract Act 1872. a) Two Parties : For the formation of a contract there must be two parties i.e. promisor and promisee. The who makes the proposal is called the promisor and the person to whom the proposal is made called the promisee. b) An Agreement : According to Indian Contract Act section 2(e), every promise and every set …Read More

Meaning and Definition of Contract

According to Indian Contract Act 1872 ” an agreement enforceable by law is a Contract”. From the above definition of contract we can say that every contract is the result of the combination of two important elements, that is agreement and obligation. A contract creates rights and obligations between the parties entering into a contract. Refusal by any one party to a contract to honor a contracted obligation gives a …Read More