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  • 1. MODULE-1 THE INDIAN CONTRACT ACT SESSION: 1 INTRODUCTION
  • 2. DEFINITION: Section 2(h) of the Indian Contract Act, 1872 defines a contract as an agreement enforceable by law.
  • 3. AGREEMENT The two elements of an agreement are: (i) offer or a proposal; and (ii) an acceptance of that offer or proposal.
  • 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. (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. 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. 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. ILLEGAL AGREEMENT Agreement which is prohibited by law is illegal agreement. Example: Agreement to commit crime.
  • 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. 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