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Indian Contract Act1

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This material is a part of our PGPSE programe. Our programme is available for any student after class 12th / graduation. AFTERSCHO☺OL conducts PGPSE, which is available free to all online students. …

This material is a part of our PGPSE programe. Our programme is available for any student after class 12th / graduation. AFTERSCHO☺OL conducts PGPSE, which is available free to all online students. There are no charges. PGPSE is a very rigorous programme, designed to give a comprehensive training in social entrepreneurship / spiritual entrepreneurship. This programme is aimed at those persons, who want to ultimately set up their own business enterprises which can benefit society substantially. PGPSE is a unique programme, as it combines industry consultancy, business solutions and case studies in addition to spirituality and social concerns. You can read the details at www.afterschoool.tk or at www.afterschool.tk

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  • 1. INDIAN CONTRACT ACT AFTERSCHO ☻ OL – DEVELOPING CHANGE MAKERS CENTRE FOR SOCIAL ENTREPRENEURSHIP PGPSE PROGRAMME – World’ Most Comprehensive programme in social entrepreneurship & spiritual entrepreneurship OPEN FOR ALL FREE FOR ALL www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
  • 2. INDIAN CONTRACT ACT Dr. T.K. Jain. AFTERSCHO ☺ OL Centre for social entrepreneurship Bikaner M: 9414430763 [email_address] www.afterschool.tk , www.afterschoool.tk www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
  • 3. Meaning of contract
    • an agreement enforceable by law is a contract. [section 2(h)].
  • 4. What is an agreement?
    • Every promise and every set of promises, forming the consideration for each other, is an agreement. [section 2(e)].
    • ‘agreement’ as defined in Contract Act requires mutual consideration. Thus, if A invites B to dinner and B agrees to come, it is not an ‘agreement’ as defined in Contract Act.
  • 5. What is promise?
    • When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted, becomes a promise. [section 2(b)].
  • 6. What is consideration?
    • When, at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or to abstain from doing, something, such act or abstinence or promise is called a consid eration for the promise. [section 2(d)].
  • 7. Steps in contract
    • * proposal and its communication * acceptance of proposal and its communication * Agreement by mutual promises * Contract * Performance of Contract.
  • 8. Agreement – as contract…
    • All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void. Nothing herein contained shall effect any law in force in India and not hereby expressly repealed, by which any contract is required to be made in writing or in the presence of witnesses, or any law relating to the registration of documents. [section 10].
  • 9. Agreement – not contract…
    • - - All agreements are not contract. Only those agreements which are enforceable by law are ‘contracts’. Following are essential requirements of a valid contract.
    • Offer and its acceptance
    • Free consent of both parties
    • Mutual and lawful consideration for agreement
    • It should be enforceable by law. Hence, intention should be to create legal relationship. Agreements of social or domestic nature are not contracts
    • Parties should be competent to contract
    • Object should be lawful
    • Certainty and possibility of performance
  • 10. What is acceptance…
    • In order to convert a proposal into a promise, the acceptance must - (1) be absolute and unqualified; (2) be expressed in some usual and reasonable manner, unless the proposal prescribed the manner in which it is to be accepted. If the proposal prescribes a manner in which it is to be accepted, and the acceptance is not made in such a manner, the proposer may, within a reasonable time after the acceptance is
  • 11. What is a voidable contract?
    • An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract. [section 2(i)]. (a) When consent is obtained by coercion, undue influence, misrepresentation or fraud is voidable at the option of aggrieved party i.e. party whose consent was obtained by coercion/fraud etc. However, other party cannot avoid the contract. (b) When a contract contains reciprocal promises and one party to contract prevents the other from performing his promise, the contract becomes voidable at the option of the party to prevented. (section 53).
  • 12. What is a void contract?
    • A contract which ceases to be enforceable by law be comes void when it ceases to be enforceable. [section 2(j)].
  • 13. Who is competent to contract?
    • Every person is competent to contract who is of the age of majority according to the law to which he is subject, and who is of sound mind, and is not disqualified from contracting by any law to which he is subject. [section 11].
  • 14. What is free consent?
    • Consent of both parties must be free. Consent obtained through coercion, undue influence, fraud, misrepresentation or mistake is not a ‘free consent’. - - Two or more persons are said to consent when they agree upon the same thing in the same sense. [section 13]. - - Consent is said to be free when it is not caused by - ( 1 ) coercion, as defined in section 15, or ( 2 ) undue influence, as defined in section 16, or ( 3 ) fraud, as defined in section 17, or ( 4 ) misrepresentation, as defined in section 18, or ( 5 ) mistake, subject to the provisions of sections 20, 21 and 22. - - Consent is said to be so caused when it would not have been given but for the existence of such coercion, undue influence, fraud, misrepresentation or mistake. [section 14].
  • 15. What is a contingent contract?
    • A ―contingent contract‖ is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen. Illustration - A contracts to pay B Rs. 10,000 if B‘s house is burnt. This is a contingent contract. [section 31].
  • 16. What is a quasi contract?
    • Quasi contract‘ is not a contract‘. It is an obligation which law created in absence of any agreement. It is based on equity. There are certain relations resembling those created by contract. These are termed as quasi contracts‘. These are (a) Supply of necessaries (section 68) (b) Payment of lawful dues by interested person (section 69) (c) Person enjoying benefit of a gratuitous act (section 70) (d) Finder of goods (section 71) (d) Goods or anything delivered by mistake or coercion (section 72).
  • 17. What are consequential damages…
    • Special damages or consequential damages arise due to existence of special circumstances. Such damages can be awarded only in cases where the special circumstances were foreseeable by the party committing the breach or were specifically known to the party. Consequential losses like loss of profit due to breach, which may occur indirectly due to breach cannot be normally awarded unless there are special circumstances which parties were aware. Loss of profit can be awarded only in cases where seller could have foreseen those losses and arose directly as result of breach.
  • 18. What is quantum meruit?
    • Quantum meruit ‘ means as much as earned‘. A contract may come to end by * breach of contract * contract becoming void or * Voidable contract avoided by party. In such case, if a party has executed part of contract, he is entitled to get a proportionate amount i.e. as much as earned by him‘. This is not by way of damages‘ or compensation for loss‘.
  • 19. About AFTERSCHO☺OL
    • PGPSE - World’s most comprehensive programme on social entrepreneurship – after class 12 th
    • Flexible – fast changing to meet the requirements
    • Admission open throughout the year
    • Complete support from beginning to the end – from idea generation to making the project viable.
  • 20. Branches of AFTERSCHO☺OL
    • PGPSE programme is open all over the world as free online programme.
    • Those who complete PSPSE have the freedom to start branches of AFTERSCHO☺OL
    • A few branches have already started - one such branch is at KOTA (Rajasthan).
  • 21. Workshop on social entrepreneurship
    • We conduct workshop on social entrepreneurship – all over India and out of India also - in school, college, club, association or any such place - just send us a call and we will come to conduct the workshop on social entrepreeurship.
    • These workshops are great moments of learning, sharing, and commitments.
  • 22. FREE ONLINE PROGRAMME
    • AFTERSCHO☺OL is absolutely free programme available online – any person can join it. The programme has four components :
    • 1. case studies – writing and analysing – using latest tools of management
    • 2. articles / reports writing & presentation of them in conferences / seminars
    • 3. Study material / books / ebooks / audio / audio visual material to support the study
    • 4. business plan preparation and presentations of those plans in conferences / seminars
  • 23. 100% placement / entrepreneurship
    • AFTERSCHO☺OL has the record of 100% placement / entrepreneurship till date
    • Be assured of a bright career – if you join AFTERSCHO☺OL
  • 24. Pursue professional courses along with PGPSE
    • AFTERSCHO☺OL permits you to pursue distance education based professional / vocational courses and gives you support for that also. Many students are doing CA / CS/ ICWA / CMA / FRM / CFP / CFA and other courses along with PGPSE.
    • Come and join AFTERSCHO☺OL