THE INDIAN CONTRACT ACT 1872

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  • 1. The indian contract act ,1872 Introduction • This act applies all over india excepts J&K. • It was effective from 1st sept, 1872. • It was passed by the british parliament.
  • 2. Types of contract On the basis of creation 1.Oral contract. 2.Written contract. 3.Implied contract.
  • 3. On the basis of enforceability 1.Valid contract 2.Void agreement 3.Void contract 4. illegal contract 5.Voidable contract
  • 4. Elements of valid contract • • • • • • • Offer & acceptance. Legal intention. Capacity of parties. Lawful consideration. Free consent. Lawful object. It must not be expressly declared by law.
  • 5. On the basis of performance • Executory contract –performance of both parties are outstanding. • Executed contract – when both party has to perform together.
  • 6. Miscellaneous types of contract • Bilateral contract – when both parties has to perform. • Unilateral contract – when one party has to perform. • Tacit contract – a contract understood by conduct.
  • 7. Formal contract • 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 the parties.
  • 8. Classification of offer • General offer –it is an offer made to the public at general. • 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 of time.
  • 9. 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.
  • 10. Acceptance • • • • Acceptance must be absolute and unqualified. Communicated to offeror. Acceptance must be in the mode prescribed. Acceptance must be given in a reasonable time. • Mere silence is not acceptance. • Acceptance by conduct.