In order to create a valid contract, there must be a 'lawful offer' by one party and 'lawful acceptance' of the same by the other party.

A contract is a legally enforceable promise or undertaking that something will or will not occur.

To demand delivery of the goods at reasonable hours

The objects clause of the memorandum of association can be altered by a special resolution and confirmation by the company law board.

Memorandum of Association defines the scope of a company’s activities. The main purpose of the memorandum is to limit the scope of activities and powers of the company. Thus, any act outside the memorandum is ultra vires the company.

Memorandum of Association is known as a charter of a company and is a very important document as it contains the basic conditions on which the company is incorporated.

Table B contains a model form of Memorandum of Association of a company limited by shares.

A "contract of sale" includes both a sale where the seller transfers the ownership of the goods to the buyer and an agreement to sell where the ownership of goods is to be transferred at a future time or subject to some conditions to be fulfilled later on.

Unlimited companies must have their own articles. The articles shall be signed by the subscribers of the memorandum and registered along with the memorandum.

The name of a company can be changed by a special resolution and with the approval of the central government.

A public company that has not issued a prospectus must file a statement in lieu of prospectus.

Patent rights are given for inventions.

Principle of separate legal entity in an incorporated company was established and confirmed under English law in 1895 by the House of Lords in Salomon Vs. Salomon and Co. Ltd. case.

A trade mark is a recognisable sign, design or expression which distinguishes products or services of a particular trader from the similar products or services of other traders.

Persons of unsound mind are not considered as capable to contract. This is an important factor because this may skew a person's ability to understand the scope of the contract.