U Myint Lwin (Lawyer) - Guide to signing various contracts

1. One hundred and one words

According to the proverb, one hundred words is a written record of one's agreements, not verbally, between oneself and those who inherit one's rights, in order to avoid future disputes and dishonesty.

2. Contract

A contract is a written document that establishes a mutual agreement between two or more people, or between one person and another, regarding money or property.

3. Various contracts

In the social sphere, there are various types of contracts, such as mutual trust agreements, loan agreements, car purchase agreements, apartment purchase agreements, land and house purchase agreements, land purchase registration agreements, gift of property registration agreements, adoption agreements, and ownership transfer agreements.

4. Land Title Deed and Registration Deed

All unregistered contracts are land contracts, and contracts that are registered by paying the prescribed stamp duty and registration fee at the relevant deed registration office are called registered contracts.

5. Legal contracts

Contracts will only be legally binding if they are signed in accordance with statutory laws such as the Transfer of Property Act, Contracts Act, Registration Act, Stamp Duty Act, and other relevant laws.

1. Things you should know about the Contract Act

(1) Contract Act

An agreement that is legally enforceable, enforceable, and enforceable is called a contract. Section 2 (h) of the Contracts Act

(2) Items to be included in the contract

(a) Proposal or offer (Proposal)

To make from one person to another or

The other side makes it clear that it is not done.

It is called making an agreement or confession.

(b) Acceptance

The other party hears and agrees with the proposal of one party.

It is called acceptance.

(c) Consideration in accordance with the promise

There must be a price that is consistent with the promise.

(d) Agreement

1 - One or more must be entered.

2 - There must be communication without doubt.

3 - There must be a connection according to tradition.

4 - Must communicate in accordance with the law.

5 - Must be involved with stakeholders.

(e) Free agreement

1 - There shall be no coercion.

2 - Do not exert undue influence.

3 - There must be no fraud.

4 - Do not misrepresent.

(3) Void covenant

As stated in Section 2(g), an agreement that cannot be sued is a void agreement, and the contract made under that agreement will be void. Similarly, under Section 2(j), a contract that completely ceases to be sued is also a void agreement.

(4) Void Agreement Section - 2 (g)

An agreement that cannot be legally enforced is a void agreement.

The ten (10) types of agreements that are void under contract law are as follows.

1 - One of the parties to the agreement is not competent to enter into the agreement,

(Persons under 18 years of age, insane, persons prohibited from entering into contracts) (Section-11)

2 - The major points of agreement between the two parties

Mistake in fact (Section - 20)

3 - Any consideration and purpose contrary to law

Prostitution (Section - 23)

4 - The agreement does not contain any promise or agreement (Section - 25)

5 - The agreement contains a clause prohibiting marriage (Article 26)

6 - The agreement covers trade and the pursuit of one's own livelihood.

Prohibition of holding (Section - 27)

7 - Agreement is a bar to litigation (Article 28)

8 - The agreement is unclear and ambiguous, making it difficult to understand.

(Section - 29)

9- Consent applies to gambling (Article 30) 10-

Consent to do something that is impossible (Section 36)

(5) Voidable Contract Section - 2 (5)

If one of the parties to a contract objects to a provision of a contract through legal channels, the contract is void and the other party cannot take action.

It means a contract that can be voided. It can only be voided if the injured party wants it to be voided. It can also be valid if the injured party does not want it to be voided.

(6) Void Contract Section - 2 (j)

A contract that has been completely extinguished by law or by the power to enforce it is void when that power to enforce it ceases.

(7) Obligations of the person signing the contract

(a) Must fulfill the promise made.

(b) If the promisor dies, the heirs shall continue to comply.

Failure to do so entitles the other party to rescind the contract or to claim compensation.

You can sue for breach of contract.

(8) Exemption of joint pledgee

Even if one of the co-signers is exempted, the other person is not exempted. The exempted person has the right to claim compensation.

(9) Discharge of Contracts

1 - The signed contract is executed as agreed upon by both parties.

Only then will we reach the end.

2 - To forgive/forgive/break a promise to act

3 - Mutually agreed cancellation

4 - Ending because it is impossible and cannot be done

5 - Termination by law,

6 - The contract is void and terminated according to the terms of the contract.

(10) Right to cancel the contract

Sections 19 and 19(a) of the Contract Law provide:

When an agreement is made by force, fraud, or misrepresentation, the agreement is voidable if the person who made the agreement wishes to have it void. If the person dies, the surviving heirs have the right to cancel the agreement.

Similarly, if a contract as mentioned in Section 39 of the Specific Relief Act is not voidable in relation to a person, or if he can avoid the contract and avoid it, or if he has reason to fear that the contract will cause serious harm to him if it is not rescinded, then he can sue to have the contract voidable and rescinded.

2. What you should know about the Transfer of Property Act

Points

(1) Transfer of property means the transfer of property from one person to another during one's lifetime.

One or more people, now or in the future, have property

It is called transfer. (Section - 5)

(2) The following items cannot be transferred:

(a) Inheritance of property and other rights.

(b) The right to repossess a property due to a violation of the rules shall be reserved only to the relevant property owner.

Transferable.

(c) Materials related to the right to use

(d) The interests and ownership rights of the property granted exclusively to the owner.

(e) Benefits to which an individual is entitled in the future

(f) Rights to sue

(g) Government employee salaries

(h) Pensions and political pensions of military personnel and civil servants

etc. (Section - 6)