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Memorandum of Oral Contract

1. The memorandum records an oral agreement between Ajay Gupta and Aqua Fine Home Décor M.N.C Private Ltd regarding interior design work. 2. Aqua Fine compelled Gupta to transfer land and provide a cheque as advance payment, but failed to perform the interior work. 3. As a result, the land and buildings now vest with Gupta, and he has managing control over the school run on his property, with 50% of pre-tax income.

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Virat Verma
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52 views2 pages

Memorandum of Oral Contract

1. The memorandum records an oral agreement between Ajay Gupta and Aqua Fine Home Décor M.N.C Private Ltd regarding interior design work. 2. Aqua Fine compelled Gupta to transfer land and provide a cheque as advance payment, but failed to perform the interior work. 3. As a result, the land and buildings now vest with Gupta, and he has managing control over the school run on his property, with 50% of pre-tax income.

Uploaded by

Virat Verma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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THIS MEMORANDUM RECORDS THE ORAL AGREEMENT

EXECUTED BETWEEN SHRI AJAY GUPTA AND M/S AQUA FINE


HOME DÉCOR M.N.C PRIVATE LTD, REPRESENTED BY
YASHWANT SINHA

This Agreement is made and entered into this_______ day of _______________

By And Between

Shri Ajay Gupta , S/o Purshottam Gupta, R/o c-12, Devendra Nagar, Sector-2,
Raipur, C.G referred to as the "First Party"

And

M/s Aqua Fine Home Décor M.N.C private Ltd, Represented by Yashwant Sinha
S/o Ramashray Prasad Sinha, R/o Azad Chowk, Birgaon, Raipur, C.G referred to
as the "Second Party" to give effect to an oral agreement executed between First
Party and second party.

NOW THEREFORE, in consideration of The mutual covenants herein after


contained the parties agree as follows:

1. That it was agreed between the parties that second party will do decoration
and interior works in the following premises of first party for the
consideration @ 7000 per sqft:
1. Residence of first party at Devendra Nagar, Raipur
2. Shop of first party at Golbazaar, Raipur
3. Shop and office of first party at Tatyapara, Raipur

2. That, second party compelled first party to transfer lands measuring 3600
sqft and 2700 sqft at khasra number 69/61, 69/20 located in Gram Bhanpuri,
Banjari Mata Ward, Raipur as advance consideration along with cheque of
fifteen lakh Rupees.
3. That, it was also agreed between first party and second party that in case the
second party fails to perform its part in oral contract mentioned above, he
shall transfer the land in the name of First party and return the remaining
consideration obtained from first party.

4. That, now the second party confirms that the Building and land vest with
first party since he has failed to perform his part in oral contract and first
party is the absolute owner of the abovementioned land and building.

5. That, second party hereby gives the managing control of the school which he
is running on the premises of first party to the first party.

6. That, the second party confirms that the first party shall have 50 percent
right on the pretax income of the school running on the property of first
party and the second party shall give and execute instrument to give mandate
to first party on this behalf.

Both the parties hereto have thoroughly understood the facts of this Memorandum
in vernacular and admit the same as correct to their knowledge and undertake to
abide by the same accordingly and after fully understanding the facts stated hereto,
the parties have put their respective hands, in token of its correctness/acceptance
on the day, month and year first herein above written in the presence of following
witnesses, who have also signed in the presence of the parties.

First Party Second Party

Signed in the Presence of..........

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