Ppt1

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Ppt1

  1. 1. MODULE-1 THE INDIAN CONTRACT ACT SESSION: 1 INTRODUCTION
  2. 2. DEFINITION: Section 2(h) of the Indian Contract Act, 1872 defines a contract as an agreement enforceable by law.
  3. 3. AGREEMENT The two elements of an agreement are: (i) offer or a proposal; and (ii) an acceptance of that offer or proposal.
  4. 4. VOID AGREEMENT Void agreement is an agreement which is not enforceable by Law (1) Agreement by or with person’s incompetent to contract (2) Agreement entered into through a mutual mistake (3) Object or consideration – unlawful (4) Consideration or object partially, unlawful (5) Without consideration (6) Restraint of marriage
  5. 5. (7) Restraint of trade (8) Legal proceeding (9) Consideration identified (10) Wagering agreement (11) Impossible agreement (12) An agreement to enter into an agreement in the future Continued…
  6. 6. WAGERING AGREEMENT An agreement between two persons under which money or money’s worth is payable by one person to another on the happen or non happening of a future uncertain event is called a wagering agreement
  7. 7. Effects of wagering agreements • Agreement is void. • No suit can be filled for any recovery of the amount won on any wager. • It is not illegal. Any agreement collateral to wagering agreement is valid. • However, it is illegal in state of Maharashtra and Gujarat.
  8. 8. ILLEGAL AGREEMENT Agreement which is prohibited by law is illegal agreement. Example: Agreement to commit crime.
  9. 9. Effects of illegal agreement: • It is always void. • Any collateral transaction to illegal agreement is also void. • No action is allowed on illegal agreement.
  10. 10. Void Agreement Illegal agreement Meaning Onein another Reason Punishment Void – ab – initio Not enforceable by Law All void agreement is not illegal 10,29,56 Not liable to punished A valid – collateral – is not void Forbidden by any law All illegal agreement are void Against the provisions of law Party are criminally liable Illegal, collateral – illegal Difference between Void Agreement and Illegal Agreement

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