Indian Contract ActSection 12<br />GauravTaranekar<br />09PR001012B067<br />
Agenda<br />Sound Mind for the purpose of contracting<br />Analysis<br />Conclusion<br />Financial Management<br />2<br />...
Section 12 of ICA<br />A person is said to be of sound mind for the purpose of making a contract if, at the time when he m...
Illustration<br />A patient in a lunatic asylum, who is at intervals of sound mind, may contract during those intervals.<b...
Thank You<br />Group 9<br />Schumpeter Hall<br />12/20/2009<br />Group 9 PROTON business school<br />5<br />
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Section 12 of ICA

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Transcript of "Section 12 of ICA"

  1. 1. Indian Contract ActSection 12<br />GauravTaranekar<br />09PR001012B067<br />
  2. 2. Agenda<br />Sound Mind for the purpose of contracting<br />Analysis<br />Conclusion<br />Financial Management<br />2<br />Group 9 PROTON business school<br />
  3. 3. Section 12 of ICA<br />A person is said to be of sound mind for the purpose of making a contract if, at the time when he makes it, he is capable of understanding it and of forming a rational judgment as to its effect upon his interests.<br />Special Cases<br />A person who is usually of unsound mind, but occasionally of sound mind, may make a contract when he/she is in sound mind.<br />A person who is usually of sound mind, but occasionally of unsound mind, may not make a contract when he/she is of unsound mind.<br />Financial Management<br />3<br />Group 9 PROTON business school<br />
  4. 4. Illustration<br />A patient in a lunatic asylum, who is at intervals of sound mind, may contract during those intervals.<br />A same man, who is delirious from fever or who is so drunk that he cannot understand the terms of a contract or form a rational judgment as to its effect on his interests, cannot contract whilst such delirium or drunkenness lasts.<br />Financial Management<br />4<br />Group 9 PROTON business school<br />
  5. 5. Thank You<br />Group 9<br />Schumpeter Hall<br />12/20/2009<br />Group 9 PROTON business school<br />5<br />

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