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Answer 1.
A contract is an agreement between two or more parties to perform a service, provide a product
or commit to an act, and is enforceable by law. There are several types of contracts, and each has
specific terms and conditions.
For a contract to be enforceable, it must contain:
1. An offer that specifically details exactly what will be provided
2. Acceptance, which is the agreement by the other party to the offer presented
3. Consideration, money or something of interest being exchanged between the parties
4. Capacity of the parties in terms of age and mental ability
5. The intention of both parties to carry out their promise
6. Object of the contract - Legally enforceable terms and conditions.
AN OFFER
An offer is an open call to anyone wishing to accept the promise of the offeror and generally, is
used for products and services. Acceptance occurs when an offeree agrees to be mutually bound
to the terms of the contract by giving consideration, or something of value.
ACCEPTANCE OF THE OFFER
Acceptance occurs when the offeree expressly accepts the offer made by the offeror. This binds
both parties to the agreement. It can be a written acceptance, like a contract for real estate or
through a purchase order or through the mail.
CONSIDERATION
Consideration is the price agreed between the parties for the product or services rendered in
return. There should be a quid pro quo like paying the asking price for the kittens. To qualify
consideration, it must be:
• Legally sufficient,
• Bargained for
For consideration to be legally sufficient, it cannot be something that a party is already obligated
to do, the party must perform an act not ordinarily obligated to perform, or refrain from doing
something one has a legal right to do.
CAPACITY OF PARTIES
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Parties to a contract must be competent to enter into a contract. In general, most individuals are
deemed to have the capacity to contract unless the person is a minor, incompetent or insane, or
drunk or drugged when entering into the contract. In legal terms, at 18, one has reached the age
of maturity. THE INTENTION
A contract is actually an agreement that is entered into voluntarily by two or more parties, with
the intention of creating one or more legal obligations among them. Contracts are almost always
legally binding.
OBJECT OF THE CONTRACT
An illegal agreement is one the object of which is unlawful. The consideration or object of
an agreement is lawful, unless. It is forbidden by law; or is of such nature that, if permitted it
would defeat the provisions of any law or is fraudulent; of involves or implies, injury to
the person or property of another; or the Court regards it as immoral, or opposed to public
policy.
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Answer 2.
Settlement Agreement
This SETTLEMENT AGREEMENT ("Agreement") is dated April 11, 2015 (the "Effective
Date"). This Agreement is made between (ABC Pvt. Ltd.) (‘the Employer’) and Ms. X (‘the
Employee’).
1: WHEREAS the background being1.1. The Employee has been employed by the Employer. There was a misunderstanding
between Ms. X and Mr. Y that had let to a complaint at the Police Station.
1.2. The Employer and Employee have agreed to settle the Particular Claims on the terms set
out in this Agreement.
1.3. The Employer enters into this Agreement without any admission of liability.
NOW THEREFORE, the Employer and Employee agree as follows:
2. RESIGNATION BY THE EMPLOYEE- the Employee’s employment with the Employer
will terminate when she resigns. The Employer and Employee will continue to be bound by
the terms and conditions of employment until the Resignation Date.
3. WITHDRAWAL OF POLICE COMPLAINT- That the Employee has agreed to withdraw
the police complaint filed by her pursuant to the misunderstanding in an unconditional
manner.
4. PAYMENT OF SALARY4.1. That the Employer will pay the Employee 6-months salary in lieu of her resignation, her
salary being Rs. 18, 500/- per month; the consolidated amount to be paid amounting to
Rs. 1, 11,000.
4.2. That the TDS (Tax Deducted at Source) will be deducted on the payment of the
abovementioned agreed amount.
5. CONFIDENTIALITY
5.1. The Employee agrees that she will continue to be bound by the terms and conditions of
employment which relate to confidentiality and restrictive covenants; that is not to
disclose any thing agreed to under the contract to a an outsider.
5.2. The Employer and Employee agree that they will keep the existence and terms of this
Agreement confidential (with the exception of disclosure to immediate family or
relevant professional advisers, provided that those persons agree to keep the information
confidential, or where disclosure is required by law).
6. WITHDRAWAL OF PROCEEDINGS AND WAIVER
6.1. The Employee accepts that this Agreement is in full and final settlement of all of the
Particular Claims set out in the Agreement and that there shall be no future complaints
by her regarding the Employer.
6.2. The Employee agrees immediately upon signature of this Agreement to write to the
relevant employment tribunal(s) or court(s) to withdraw any proceedings that have
already been presented but which have been settled by this Agreement, and not to
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present to an employment tribunal or any other court any Claim which is a Particular
Claim.
6.3. The Employer and Employee acknowledge that it is their intention that this Agreement is
in full and final settlement of all of the Particular Claims.
This Agreement is executed as of this day of 11th April 2015.
IN WITNESS WHEREOF, the Employer and Employee hereto have caused this Agreement to
be executed, effective as of the Effective Date.
A
B
By: _________
By: _________
Name: _______
Name: _______
Title: _________
Title: ________
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Answer 3.
REVIEW OF THE DRAFT
MEMORANDUM
OF
ASSOCIATION
(OF
A
PRIVATE
LIMITED
COMPANY)
ABC Limited having its registered office of the company will be situated in the National Capital
Territory of Delhi.
(I)
The
object
to
be
pursued
(a) To manufacture tubeless tyres
by
Object
the
company
on
its
incorporation
Clause
is:—
II. Matters which are necessary for furtherance of the objects specified in clause I are:—
(a)
Availing
requisite
licenses.
(b)
Availing
requisite
raw
materials.
(c)
Availing
Necessary
Machinery.
(d) Availing Necessary Approvals from Board of Directors as well as governmental and other
authorities.
III.
Liability
Clause
The liability of the member(s) is limited and this liability is limited to the amount unpaid, if any,
on the shares held by them.
IV.
Share
Capital
Clause
The share capital of the company is Rs. 1, 00, 000/- divided into 10000 shares of Rs. 10/- each.
V.
Shareholders/Members
Clause
We, the several persons, whose names and addresses are subscribed, are desirous of being
formed into a company in pursuance of this memorandum of association, and we respectively
agree to take the number of shares in the capital of the company set against our respective
names:—
Names,addresses, descriptions
and occupations of subscribers
Total shares taken
Mr.
2000
A,
CA
Signature,
names,
addresses, descriptions
occupations of witnesses
Signed before me:
Signature......................
XYZ
Pvt.
Ltd.
5000
Signed before me:
Signature......................
Dated this 4th day of February 2014.
and
and
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