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Tuesday, August 6, 2013

Purchase order is a contract if have all essential integrated

We often treat Purchase order a simple document with less value. But PO is a contract if has all the essential integration. It can be treated as a contract between buyer and seller or importer and exporter. The valid integration in the Purchase order are as under.

 (i)   it is entered into by free consent of parties competent to contract;    

(ii)   there should be lawful consideration;

(iii)  there should be a lawful object; and

(iv)  it is not expressly declared to be void (i.e. void under the statute).

Custom deartment has issued a circular no. 312013 dated 6 August 2013 in this regard.
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