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4.
Restriction on existing partner Restriction on outgoing partner Restriction on partners upon or in anticipation of the dissolution of the firm. Restriction in case of sale of good will.
Contingent contracts to do or not to do anything if an impossible event happens are void whether the impossibility of the event is known or not known to the parties to the agreement at the time when it is made.
The right is always against a specific persons and not against the world.
A suit for its breach may be field in the same way as in case of a complete contract.
3.
4. 5.
Lapse of time
Impossibility of performance
Operation of law
By merger By the unauthorized alteration of items of a written document By insolvency
2.
Sue for damage:Ordinary damages Special damages Exemplary damages Nominal damages Liquidated damages and penalty.
Contd
All sums which he may have paid under the terms of any compromise of any compromise of any such suit, if the compromise was not contrary to the orders of the promisor, and was one which it would have been prudent for the promise to make in the absence of any contract of indemnity, or if the promisor authorized him to compromise the suit.
Kinds of Gurantee
Specific guarantee : which extend to a single debt or specific transaction is called a specific guarantee. The liability of the surety comes to an end when the guaranteed debt is duly discharged or the promise is duly performed. Continuing Guarantee: A guarantee which extends to a series of transactions is called a continuing guarantee. A suretys liability continues guarantee is revoked of the guarantee.
By notice of revocation by the surety [section 130] By the death of the surety.
Right of Surety
Suretys rights against the creditor [section 141] Rights against the principle debtor[section 140 & 145] Suretys rights gains co-sureties[sec 146 & 147]
Discharge of Surety
By notice of revocation By death of surety By variation in terms of contracts By release or discharge of principle debtor
By arrangement
By creditors act or omission impairing suretys eventual remedy Loss of security.
Duties of a Baillie
Duty to care of the goods bailed Duty not to make any unauthorized use of the goods. Duty not to mix bailer's goods with his own goods