Business Law

The Indian contract act

Komal Pareek

CA Foundation

★ 10

07-Apr-20 21:34

What do you mean?

Tanmay Kundu

CA Foundation

★ 120

23-Apr-20 17:31

I don't understand

Tanmay Kundu

CA Foundation

★ 120

23-Apr-20 17:32

Like for example not withstanding prov as to retraint of trade ! ...actually its void but here it supports it !

Manish S kotian

CA Inter

★ 40

24-Apr-20 10:28

Notwithstanding means - irrespective of anything given any where else. For e.g Partners may, upon or in anticipation of the dissolution of the firm, make an agreement that some or all of them will not carry on a business similar to that of the firm within a specified period or within specified local limits; and notwithstanding anything contained in section 27 of the Indian Contract Act, 1872 (9 of 1872), such agreement shall be valid if the restrictions imposed are reasonable. Section 27 of Indian Contract Act is Every agreement by which anyone is restrained from exercising a lawful profession, trade or business of any kind, is to that extent void. Generally S.27 makes any contract restraining trade as void. But because of partnership act provision containing notwithstanding, S.27 is overruled for purpose of IPA.

CA Suraj Lakhotia

Admin

25-Apr-20 09:39