View stunning SlideShares in full-screen with the new iOS app!Introducing SlideShare for AndroidExplore all your favorite topics in the SlideShare appGet the SlideShare app to Save for Later — even offline
View stunning SlideShares in full-screen with the new Android app!View stunning SlideShares in full-screen with the new iOS app!
The indian contract act ,1872
• This act applies all over india excepts J&K.
• It was effective from 1st sept, 1872.
• It was passed by the british parliament.
Types of contract
On the basis of creation
On the basis of enforceability
4. illegal contract
Elements of valid contract
Offer & acceptance.
Capacity of parties.
It must not be expressly declared by law.
On the basis of performance
• Executory contract –performance of both
parties are outstanding.
• Executed contract – when both party has to
Miscellaneous types of contract
• Bilateral contract – when both parties has to
• Unilateral contract – when one party has to
• Tacit contract – a contract understood by
• Contract of record –These contracts
derive their binding force from the
authority of the court.
• Contract under seal –These contracts
derive their binding force from its form
alone .it is sealed and delivered by the
Classification of offer
• General offer –it is an offer made to the public at
• Special offer –when offer made to a definite person.
• Cross offer –when two parties exchange identical
offers in ignorance at the time of each other’s offer.
• Counter offer – counter offer amounts to rejection of
the original offer.
• Standing ,open or continuing offer – an offer is
allowed to remain open for acceptance over a period
Rules as to offer
• The offer may be expressed or implied
• The offer must be distinguished from an
invitation to offer.
• An offer may be specific or general.
• The offer must be communicated.
• The offer must be made with a view to
obtaining the consent of the offeree.
• An offer may be conditional.
Acceptance must be absolute and unqualified.
Communicated to offeror.
Acceptance must be in the mode prescribed.
Acceptance must be given in a reasonable
• Mere silence is not acceptance.
• Acceptance by conduct.