Contract and its assential
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Contract and its assential

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Contract and its assential Contract and its assential Presentation Transcript

  • PRESENT BY SOHAIL AKHTAR Indian Contract Act, 1872
  • Agreement & Contract
    • “ A contract is an agreement made between two or parties which the law will enforce” - Section 2 (h)
    • Agreement = Offer + Acceptance >> Promise (Promisee & Promisor)
    • Legal Obligation should be created
  • What is a Contract ?
    • An Agreement
    • Enforceable by law
    • Made between atleast two parties
    • By which rights are acquired by one, &
    • Obligations are created on the part of another
    • And on failure, the other party has a remedy
  • Essential Elements of a Valid Contract
    • Offer & Acceptance
    • Intention to create a legal relationship
    • Lawful consideration – (advantage/benefits moving to & from - between the two parties)
    • Capacity (Competency) of Parties – (age/sound mind/not disqualified to enter)
    • Free & Genuine consent of the parties – (undue influence, fraud, misrepresentation may cause absence of free consent)
    • Lawful Objects
    • Must not have been expressly declared Void
    • Certainty & possibility of performance
    • Legal Formalities
  • Classification of Contract
    • Classification as per Validity (void/voidable/illegal/unforceable)
    • Classification as per formation (Express/Implied/Quasi)
    • Classification as per performance (Executed/Executory/Unilateral-Executed Consideration /Bilateral – Executory Consideration)
  • PRESENTED BY IRFAN RAZA Offer & Acceptance
  • Offer & Acceptance
    • “ A person is said to have made an offer/proposal, when he “signifies to another his willingness “to do” or “not to do” (i.e. abstain from doing) anything, with a view to obtaining the ascent of that other to such act or abstinence”
    • – Section 2 (a)
    • Offerer/Proposer/Promisor
    • Offeree/Proposee/Promisee/Acceptor
    • – Section 2 (c )
  • Offer - Legal Rules
    • Offer must be such that is capable to be accepted in law and gives rise to legal relationship
    • Terms of offer must be definite, unambiguous and not loose & vague
    • Offer must be communicated
    • An offer must be distinguished from
    • (i) an invitation to make an offer
    • (ii) declaration of intention to offer
    • Offer must be made with a view to obtaining the ascent
    • Offer should not contain a term the non-compliance of which may be assumed to amount to acceptance
  • Acceptance & Legal Rules
    • Acceptance is the act of assenting by the Offeree to the offeror
    • Acceptance may be express OR implied
    • Who can accept? (only the Offeree)
    • Acceptance must be legal & unqualified
    • It must be communicated to the offeror
    • It must be according to the mode prescribed
    • It must be given within a reasonable time
    • Showing intention to fulfill the terms of promise
    • It cannot be implied by silence (mere mental acceptance is no acceptance)
    • Must be given before the offer lapses
  • THANK YOU