Page 32 - DMGT407Corporate and Business Laws

Gopika Juneja, Profession University Unit 2: Consent, Indemnity and Guarantee Acts

Unit 2: Consent, Indemnity and Guarantee Acts Notes

CONTENTS
Objectives
Introduction

2.1 Consent and Free Consent
2.1.1 Meaning of Consent
2.1.2 Free Consent

2.2 Meaning of Coercion (Ss.15 and 72)
2.3 Meaning of Undue Influence (S.16)
2.4 Meaning of Fraud [Ss. 17 and 19]
2.4.1 Essential Elements or Conditions for a Fraud to Exist
2.5 Meaning of Misrepresentation (Ss.18-19)

2.6 Meaning of ‘Mistake’ [Ss.20-21]
2.6.1 Different Kinds of Mistake
2.6.2 Meaning and Effect of ‘Unilateral Mistake’

2.6.3 Mistake of Law
2.7 Contract of Guarantee
2.7.1 Purpose of Guarantee
2.7.2 Definition and Nature of the Contract of Guarantee (S.126)
2.7.3 Fiduciary Relationship

2.7.4 Kinds of Guarantees
2.7.5 Rights and Obligations of the Creditor
2.7.6 Rights, Liabilities and Discharge of Surety

2.8 Contract of Indemnity
2.8.1 Meaning of Indemnity
2.8.2 Rights of the Indemnified (i.e., the Indemnity Holder)
2.8.3 Rights of the Indemnifier
2.8.4 Commencement of Indemnifier’s Liability

2.9 Distinction between a Contract of Guarantee and a Contract of Indemnity
2.10 Summary
2.11 Keywords

2.12 Review Questions
2.13 Further Reading

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