i just wanted to ask that if my company has entered into such a contract which says that we have the right to revoke this contrac but nothing is mentioned in that contract about the other party .......does the other party has any provisions to revoke the same contract ?? if he has any right to revoke it on his account ...on what grounds can he do that ??
8 Replies
Sumit Jain
(CA)
(4760 Points)
Replied 08 April 2009
other party dont have any right to revoke on any basis
Akshata
(Legal dept intern)
(30 Points)
Replied 08 April 2009
thnx !! but just wanna confirm ...... r u sure ??
Sumit Jain
(CA)
(4760 Points)
Replied 08 April 2009
it for sure that other party cannot revoke on any ground
but according to u
is this clause valid that a co. holds the right to revoke the contract
Akshata
(Legal dept intern)
(30 Points)
Replied 08 April 2009
yeah i understand what exactly u mean .. but u didnt get me ...our contract says that we have a right to revoke ..ok ...but there r no such words mentioned here that even the other party has a right or they can revoke ..... but still i they do .....wht r our right??? answer me only if u r sure .......................and thnx for ur replies!!
Akshata
(Legal dept intern)
(30 Points)
Replied 08 April 2009
yeah i understand what exactly u mean .. but u didnt get me ...our contract says that we have a right to revoke ..ok ...but there r no such words mentioned here that even the other party has a right or they can revoke ..... but still if they do .....wht r our right??? answer me only if u r sure .......................and thnx for ur replies!!
Krunal Raichura
(Financial Advisory)
(2134 Points)
Replied 09 April 2009
| Originally posted by :Akshata | ||
| " | yeah i understand what exactly u mean .. but u didnt get me ...our contract says that we have a right to revoke ..ok ...but there r no such words mentioned here that even the other party has a right or they can revoke ..... but still if they do .....wht r our right??? answer me only if u r sure .......................and thnx for ur replies!! | " |
I believe that a contract should give both the parties equal rights and powers. Ideally, if there is a contract between A & B, and it says that A has the right to revoke and mentions nothing about B's rights, and if B signs the contract, then he has no right to revoke. However, subject to the circumstances and implications, B can challenege the contract in the court on other grounds.
Krunal Raichura
(Financial Advisory)
(2134 Points)
Replied 09 April 2009
| Originally posted by :Akshata | ||
| " | yeah i understand what exactly u mean .. but u didnt get me ...our contract says that we have a right to revoke ..ok ...but there r no such words mentioned here that even the other party has a right or they can revoke ..... but still if they do .....wht r our right??? answer me only if u r sure .......................and thnx for ur replies!! | " |
I believe that a contract should give both the parties equal rights and powers. Ideally, if there is a contract between A & B, and it says that A has the right to revoke and mentions nothing about B's rights, and if B signs the contract, then he has no right to revoke. However, subject to the circumstances and implications, B can challenege the contract in the court on other grounds.
Nithin Chettoor
(Assistant Manager)
(388 Points)
Replied 12 April 2009
It may be noted that the freedom of the individuals to enter into any kind of contracts is the most fundamental feature of the Indian contract act subject of course to the limiting factors embodied in the act itself. In the absence of the vitiating factors like fraud, misrepresentation, mistake, coercion, undue influence etc the agreement referred by you is valid. The other party shall be deemed to have waived his contractual rights and since he has done it with his eyes wide open , the court has no role to play.
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