Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

File suit against the employee for recovery of amount mentioned in the bond .Read More

Posted on 09 Mar 2016 | 3 Answers

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

No, such agreement is considered to be void as per Section 28 of Indian Contract Act. When both the parties are Indian, the substantive law governing the dispute must necessarily be Indian irrespective of the seats of the arbitration and irrespective of any provision in the contract between the parties to the contrary.   Read More

Posted on 22 Sep 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

The Doctrine of Privity of Contract states that only those persons who are parties to the contract can enforce a contract The stranger to a contract cannot enforce a contract.   Read More

Posted on 25 Sep 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

The Director can be made responsible if the decisions taken are against the interests of the Company, or for debt evasion. To edify more we have a case law where, a start-up company was set up in late 2002. By August 2005 the original, substantial, external investment in the company had been used up, it had lost a major customer and its revenue was insufficient to reduce the overall losses it had built up. It was wound up as insolvent by a creditor in 2007. Later, the liquidator alleged wrongful trading because for example: • There was no evidence that the directors had considered the company’s worsening financial situation and its potential effect on creditors. They ought to have done so and ought to have concluded that there was no reasonable prospect of avoiding insolvent liquidation. •The directors had not economised ― they had continued to spend money as they had previously, including paying themselves salaries and expenses. They had not taken ‘every step’ with a view to minimising the loss to creditors.The court decided they were guilty of wrongful trading from June 2005.Moreover, if you have evaded any debts and avoided any creditor’s warning then according to the newly enacted Bankruptcy and the Insolvency Code, 2016 the creditors can proceed against you legally as that of “sick company”, and the law involves quick disposal of cases within 180 days. Read More

Posted on 01 Oct 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

As per the Indian Contract Act, 1872, an oral contract is valid and binding on the parties which entered into it.But in practice,For any contract that is even remotely important to your business, make sure that you have it drafted and signed between the parties. Read More

Posted on 28 May 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

As the termination was based upon disciplinary proceedings, causing a stigma on your career, you can challenge the action. You may choose to file a Writ in the High Court.Read More

Posted on 10 Mar 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

Cross offers:  These are the offers that party make to each other in ignorance of each others offer. Cross offers are identical. In the case of cross offers, no binding contract will be created and the offer could not be said to have been accepted by any of the party. Ex:  A writes a letter to B offering him his bike for Rs 100. At the same time B writes a letter to making a similar offer to buy his bike for Rs 100. Offers of both A and B cross each other. Such offers do not constitute to acceptance of one's offer by the other. Counter Offer: On the other hand, in counter offer there is a rejection of the original offer and a new offer is made that needs acceptance by the original promisor before a contract can be made. Ex:  X offers Y his bike for Rs 100. Y rejects the offer and offers A to buy his bike for Rs 80. Such an offer is known as the counter offer.Read More

Posted on 31 Jan 2017 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

All contracts are agreements but only those agreements are contracts which are enforceable by law.Read More

Posted on 05 Mar 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

Job contracts are valid in India. However, it depends on what terms have been incorporated. If the terms of the bond is balancing meaning thereby it protects the interest of both employer and employee, it is valid. An unreasonable condition in the bond makes that condition illegal. Read More

Posted on 05 Mar 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

Your are not required to pay anything as their wish. Just reply if they served you notice stating that the bond is not valid because it is one sided and you were forced to sign the document since they were making use of the situation and it is time barred as well. Read More

Posted on 06 Mar 2016 | 2 Answers