ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -207. Revocation and renunciation may be expressed or implied.-Revocation or renunciation may be expressed or may be implied in the conduct of that principal or agent respectively.

Detailed explanation-2: -B is entitled to retain the stone till he is paid for the services he has rendered. (a) A delivers a rough diamond to B, a jeweller, to be cut and polished, which is accordingly done. B is entitled to retain the stone till he is paid for the services he has rendered."

Detailed explanation-3: -commission on the price fetched by the goods. A afterwards by letter, revokes B’s authority. B after the letter is sent, but before he receives it, sells the goods for 100 rupees. The sale is binding on A, and B is entitled to five rupees as his commission."

Detailed explanation-4: -Section 27. Agreement in restraint of trade, void. Previous Next. Every agreement by which any one is restrained from exercising a lawful profession, trade or business of any kind, is to that extent void.

Detailed explanation-5: -Section 25: Agreement without consideration, void, unless it is in writing and registered, or is a promise to compensate for something done or is a promise to pay a debt barred by limitation law.