What is the punishment for Section 73 and 74?
Under the Indian Contract Act, 1872, Section 73 and Section 74 provide for unliquidated and liquidated damages respectively. Unliquidated Damages are the damages awarded by the courts on the basis and assessment of actual loss or injury caused to the party suffering breach of contract.
What is Section 73 of Indian Contract Act?
Section 73 of the Act provides that “When a contract has been broken, the party who suffers by such breach is entitled to receive, from the party who has broken the contract, compensation for any loss or damage caused to him thereby, which naturally arose in the usual course of things from such breach, or which the …
What is Section 75 of Indian Contract Act?
Section 75 in The Indian Contract Act, 1872. 75. Party rightfully rescinding contract, entitled to compensation. —A person who rightfully rescinds a contract is entitled to compensation for any damage which he has sustained through the non-fulfilment of the contract.
What is Section 72 of Indian contract Act?
72. Liability of person to whom money is paid, or thing delivered, by mistake or under coercion.—A person to whom money has been paid, or anything delivered, by mistake or under coercion, must repay or return it. —
Who has power to issue notice for proceeding US 73 74?
73 and 74? Ans: General procedure of conducting Assessment/Adjudication proceedings u/s 73 and 74 is: > Notice shall be issued to the taxpayer for furnishing reply to show cause notice.
What is the section 74?
74 Compensation for breach of contract where penalty stipulated for:- 34 [When a contract has been broken, if a sum is named in the contract as the amount to be paid in case of such breach, or if the contract contains any other stipulation by way of penalty, the party complaining of the breach is entitled, whether or …
What is a Section 75?
What is Section 75? It’s part of the Consumer Credit Act 1974 that means your credit card provider is jointly and severally responsible for any breach of contract or misrepresentation by a retailer or trader.
What is Section 72 of Indian Contract Act?
What is Section 72 A?
Section 72 in The Indian Contract Act, 1872. 72. Liability of person to whom money is paid, or thing delivered, by mistake or under coercion.—A person to whom money has been paid, or anything delivered, by mistake or under coercion, must repay or return it. —