Question
Which of the following condition must exist so that a
promise to pay for the past voluntary services is binding?Solution
Past voluntary service If a person renders voluntary services without any request or promise from another and the person receiving the services makes a promise to pay for the services, then such a promise is enforceable in India under Section 25(2) of the Indian Contract Act, 1872 which states: ‘‘An agreement made without consideration is void unless it’s a promise to compensate, wholly or in part, a person who has already voluntarily done something for the promisor, or something which the promisor was legally compellable to do; or unless.’’ For Example - Peter finds Noah’s wallet on the road. He returns it to him and Noah promises to pay Peter Rs 500. This is a valid contract under the Indian Contracts Act, 1872.
X, Y, Z enter into partnership with capital contribution Rs. 50000, 20000 and 30000 respectively X is working partner of get 20% of profit for managing...
A and B started a business by investing Rs.420 and Rs.540 respectively. After 5 months, A increased his investment by Rs.900. Find the ratio of annual p...
‘P’ started a business by investing Rs. 1,500. Six months later, ‘Q’ joined him by making an investment which is equal to 80% of the investment ...
Amit and Bittu entered into a business with initial investment of Rs 420 and Rs 360 individually. After 5 months, Amit add on 180 more while Bittu withd...
‘A’ started a business by investing Rs. 2000. Four months later, ‘B’ joined by investing Rs. ‘x’. If at the end of the year ‘B’ received...
P and Q started a business by investing Rs. 10,000 and Rs. 15,000 respectively. P also worked as the active manager and for that he is entitled to recei...
H and V commenced a business with investments of Rs. (p+20000) and Rs. (p-20000), respectively. In the 8th month, H withdrew Rs. 40000 from the business...
A and B started a retail store with initial investments in the ratio 9:10 and their annual profits were in the ratio 3:4. If A invested the money for 5 ...
A and B enter a partnership. A contributed 5000 for 8 months and B 6000 for 5 months. Find A's share in a total profit of 9800.
A starts a business with Rs 12000. After 6 months B joins with Rs. 9000. After 2 years, what will be the ratio of the profit of A and B?