Classification of contract
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The document discusses different classifications of contracts according to their legal validity and enforceability under Indian law. It defines valid, voidable, void, unenforceable, and illegal contracts. A valid contract meets all legal requirements, such as offer, acceptance, lawful consideration and capacity to contract. A voidable contract is valid until avoided due to issues like duress or misrepresentation. A void contract becomes invalid due to reasons like impossibility of performance. An unenforceable contract suffers from technical defects like improper stamping, but can become enforceable by rectifying defects. An illegal contract has an unlawful object like murder and cannot be enforced by law.
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1) By performance or tender of performance by both parties.
2) By mutual consent through novation, rescission, alteration, remission, waiver or merger.
3) By impossibility of performance, which can be inherent, subsequent, or due to commercial impossibility, failure of a third party, or other events.
4) By operation of law due to events such as death, insolvency, or merger.
5) By lapse of time.
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The document discusses key concepts related to Indian contract law. It defines a contract according to Indian law as an agreement that is enforceable by law. It outlines the essential elements of a valid contract including offer and acceptance, intention to create legal relations, consensus ad idem, consideration, capacity to contract, lawful object, certainty and possibility of performance, and enforceability by law. It also discusses different types of contracts based on validity, formation and performance.
BRFW MOD 1.pptx
The document discusses key concepts related to Indian contract law. It defines a contract according to Indian law as an agreement that is enforceable by law. It outlines the essential elements of a valid contract including offer and acceptance, intention to create legal relations, consensus ad idem, consideration, capacity to contract, lawful object, certainty and possibility of performance, and enforceability by law. It also discusses different types of contracts based on validity, formation and performance.
Unit - I - Contract Act 1872.pptx
This document provides an overview of key concepts in Indian contract law and business law. It defines a contract and outlines the essential elements for a valid contract, including offer and acceptance, consideration, capacity to contract, free consent, and legality of object and consideration. It also discusses types of contracts, formation of contracts, and void and illegal agreements. The document covers major Acts governing business transactions in India like the Indian Contract Act of 1872, Sale of Goods Act 1930, and Negotiable Instruments Act 1881.
BUSINESS LAW
The document summarizes key aspects of contract law in India according to the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law, consisting of an agreement and enforceability. It outlines the essential elements that must be present for an agreement to be considered a valid contract, including offer and acceptance, lawful consideration, capacity and consent of parties, a lawful object, and certainty of terms. It also distinguishes between different types of contracts based on validity, formation, and performance. Finally, it compares the differences between void, voidable, and illegal agreements.
Essentials of valid contract
An agreement only becomes a legally binding contract if it meets certain essential requirements. There must be an offer and acceptance, consideration so that both parties receive something of value, lawful capacity and consent of the parties, a lawful objective, certainty in terms, and possibility of performance. Some key elements include offer and acceptance to create mutual assent, lawful consideration where both sides exchange something of value, and capacity and consent where parties are able to enter into agreements of their own free will.
THE INDIAN CONTRACT ACT 1872 NOTES FOR STUDENTS
The document discusses the law of contracts in India. It provides definitions of a contract from various legal experts and outlines the key elements that make a contract valid under Indian law. Specifically:
1) A contract requires an agreement between two or more parties that intends to create legal obligations. There must also be consideration and the agreement must be possible to perform.
2) The Indian Contract Act of 1872 governs contracts in India and defines a contract as an agreement that is enforceable by law.
3) For a contract to be valid, it needs elements such as lawful consideration, competent parties who consent freely, certainty of terms, and compliance with formalities if required by law.
Nature & Kinds of contract.pptx
1. An agreement becomes a valid contract when it possesses all the essential elements of a contract such as offer, acceptance, lawful consideration and capacity of the parties.
2. A void agreement is not enforceable by law from the very beginning due to lack of essential elements. A voidable contract becomes unenforceable when the party exercises the option to avoid it.
3. An illegal agreement is broader in scope than a void agreement as other related agreements are also considered illegal.
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1客户提供办理新西兰林肯大学新西兰林肯大学毕业证学位证信息：姓名生日专业学位毕业时间等（如信息不确定可以咨询顾问：我们有专业老师帮你查询）；
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一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
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◇面对父母的压力，希望尽快拿到；
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◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
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1:该专业认证可证明留学生真实身份
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3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
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7:个人信誉贷款加10分
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Classification of contract
- 1. Classification of contract According to legal validity or Enforceability Submitted by: Abhishek (1) , Kasish (19), mohit (29), parul(35), saurav (41), sonali (48)
- 2. Contract Act ( key point) • This act is governed by the INDIAN CONTRACT ACT 1872. • Act came into force on the first day of September , 1872. • Extended to whole India except Jammu and Kashmir. • The first part section ( 1 to 75 )deals with the general principles of law of contact • The second part section (124- 238) deals with the certain special kinds of contacts, namely Contact of indemnity and guarantee, bailment, pledge and agency
- 3. Classification of contract according to - legal Validity Void Valid Voidable Illegal Unenforceble contract
- 4. Valid Contract According to Section 10 of the Indian Contract Act , 1872 – “ All Agreement are contact 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.”
- 5. Essential element of Valid contract • An offer or proposal by one party and acceptance of that offer by another party. • An intention to create legal relations. • The agreement is supported by lawful Consideration. • The parties to the contract are legally capable of Contracting. • The agreement is capable of being performed. i.e it is not impossible of being performed.
- 6. Example - A promise to sell a L.C.D TV to B in rupees 10,000 and B make promise to make payment at time of delivery of good. ( In the above case ) - it is an Agreement. - based of genuine consent of the parties. - supported by lawful consideration. - made for a lawful objects.
- 7. Voidable contract A contract which is deficient in only free consent, is called voidable contract that mean it is a contract which is made under certain pressure either physical or mental. Reasons that can make a contract voidable include failure by one or both parties to disclose a material fact; mistake; misrepresentation; fraud, breach of contract.
- 8. Example of voidable contract X says to Y, that he should sell his new bungalow to him at a nominal price otherwise, he will damage his property and Y enter into Contract due to fear. In this situation, the contract voidable as the consent of Y is not free, so he has the right to avoid the performance of his part. As well as he can claim for any damages cause to him.
- 9. Void contract The term void contract is define as under section 2(j) of Indian Contract Act 1872, A contract which cases to be enforceable by law become void when it ceases to be enforceable. In the other words, a Void contract is a contract which is valid when entered into But which subsequently become void due to impossibility of performance, change of law or some other reason.
- 10. Example of void contract A promise to B to sell his horse after one month to B for rupees 50,000. before the completion of one month, the horse died. Now the contract become void as the contract cannot be performed. The object on which the parties agreed is no more, so there is impossibility of contract.
- 11. Unenforceable contract A contract which has not properly fulfilled legal formation is called unenforceable contract that means unenforceable contracts suffers from some technical defect like insufficient stamp, written form, legal procedure after rectification of that technical defect, it becomes enforceable or valid contract.
- 12. Example of unenforceable contract A and B drafted their agreement on Rs. 10/- stamp where it is to be written actually on Rs/- 100 stamp.
- 13. Illegal Contract Illegal contract are those contract in which is legally not supported or if the contract has unlawful object it is called illegal contract.
- 14. Example of illegal contract There is a contract between X and Z according to which Z has to murder Y for a Consideration of Rs 1,00,000 from X. In that case this type of contract is illegal.
- 15. Summary of above concept
- 16. Voidable vs void (case diff) • X says to Y, that he should sell his new bungalow to him at a nominal price otherwise, he will damage his property and Y enter into Contract due to fear. In this situation, the contract voidable as the consent of Y is not free, so he has the right to avoid the performance of his part. As well as he can claim for any damages cause to him. • A promise to B to sell his horse after one month to B for rupees 50,000. before the completion of one month, the horse died. Now the contract become void as the contract cannot be performed. The object on which the parties agreed is no more, so there is impossibility of contract.
- 17. Illegal vs unenforceable • An contract between A and B to sell and purchase the DRUGS. according to Indian law selling of drugs is illegal • There is a proper stamps and legal document prescribed by Indian law while purchasing the house. If the stamps or documentation are not in a prescribed manner than it become unenforceable.
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