Q.
Can you provide a summary if key statutes to remember for exam?
A.
Go here for 'Summary to Exam Hall'. See also 'Landmark Cases' here.
Arbitration
Definition and form of arbitration agreement
9. (1) In this Act, “arbitration agreement” means an agreement by the parties to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or not.
(2) An arbitration agreement may be in the form of an arbitration clause in an agreement or in the form of a separate agreement.
(3) An arbitration agreement shall be in writing.
12. number of arbitrators, the arbitral tribunal shall—
(a) in the case of an international arbitration, consist of three arbitrators; and
(b) in the case of a domestic arbitration, consist of a single arbitrator.
Appointment of arbitrators
13. (1) No person shall be precluded by reason of nationality from acting as an arbitrator.
15. (1) Any party who intends to challenge an arbitrator shall, within fifteen days (15 days) send a written statement of the reasons for the challenge to the arbitral tribunal.
17(1) A substitute arbitrator shall be appointed in accordance with the provisions of this Act where -
(a) the mandate of an arbitrator terminates under section 15 or 16;
(b) an arbitrator withdraws from office for any other reason;
(c) the mandate of the arbitrator is revoked by agreement of the parties; or
18. (1) The arbitral tribunal may rule on its own jurisdiction.
23. Arbitral proceedings shall commence on the date on which a request in writing is received by the respondent.
34. (1) The arbitral proceedings shall be terminated by a final award or by an order of the arbitral tribunal.
36. (1) An award made by an arbitral tribunal pursuant to an arbitration agreement shall be final and binding on the parties.
37. (1) An award may be set aside by the High Court.
Contract
Voidable contract
19(1) of the Contract Act, 1950 (hereafter CA 50), when a consent to an agreement is caused by coercion, undue influence, fraud or misrepresentation, the agreement is a contract voidable at the option of the party whose consent was so caused.
Coercion
15 of the CA 50 as follows:
"Coercion is the commiting, or threatening to commit any act forbidden by the Penal Code or the unlawful detaining or threatening to detain any property, to the prejudice of any person, with the intention of causing any person to enter into an agreement."
Undue influence
section 16 are:
1) one is in position to dominate over the will of another,
Fraud
17 of the CA 50, fraud includes certain acts which are committed with the intention to induce another party to enter into a contract. There are 5 different acts:
- The suggestion, as to a fact, that which is not true by one who does not believe it to be true;
- The active concealment of fact by one having knowledge of belief of the fact;
- A promise made without any intention of performing it;
- Any other act fitted to deceive; and
- Any such act or omission as the law specifically declares to be fraudulent.
18 of CA 50, misrepresentation is confined to innocent misrepresentation, which is an untrue statement that the speaker believes is accurate.
The basic difference between fraud and misrepresentation is that in fraud, the maker does not believe in the truth of the statement made, whereas in misrepresentation, the maker believes that the statement is true.
Past Consideration is good consideration
26 (b) or is a promise to compensate for something done;
it is a promise to compensate, wholly or part, a person who has already voluntarily done something for the promisor, or something which the promisor was legally compellable to do,
26 agreement without consideration is void, unless among the 3 conditions below:
(a) it is in writing and registered;
(b) or is a promise to compensate for something done;
(c) or is a promise to pay a debt barred by limitation law.