The Indian contract act,1872 valid contract & it's elements.It discover all over elements of valid contract.

1. Valid contracts and it’s Elements
Mahesh
Gupta

2. The Indian contract act,1872 came into force on 1st
Day
of sep. 1872.
It extends to the whole of India except Jammu &Kashmir.

3. An agreement enforceable by law is a contract.
For example:-A agrees to sell his car to B for Rs. 50,000.This
agreement gives rise to obligation of part of A to deliver the
car and B to make the payment.
(Parties are bound to do Something)

4. When the person to whom the proposal is made signifies his assent
thereto, the proposal is said to be accepted.
Proposal when accepted becomes a promise.

5. 1.Free consent of parties 2.Competent to contract
3.Lawul consideration 4.Lawful object
5.Not declared to be void 6.Possibility of
performance

7. Consent is said to be free
when it is not caused by
coercion, fraud,
misrepresentation or
mistake.
For example:-A threatens
to kill B if he does not sell
his property worth 10 lacks
to him at Rs.50,000.
This is voidable at the
option of B(as the consent
is caused by coercion)

8. Section 11 deals with
capacity of the persons
to enter into contracts.
According to section 11
person competent to
contract are:-
1. Person who has
attained majority
2. Is of sound mind and
3.Not disqualified from
contracting by the law to
which he is subject.

9. The agreement must be supported by consideration .
Consideration means SOMETHING Return(quid pro
quo)
The agreement is enforceable only when both the
parties give something and get something in return .
Consideration may consist of an act or promise to do
or abstain from doing something.

10. A agrees to sell his car to B or Rs.50,000.Here B’s
promise to pay the sum of rupees 50,000 is
consideration of A’s promise to sell the car and A’ s
promise to sell the car is the consideration for B’s
promise to pay rupees 50,000.

11. The object of the agreement must be lawful.
The object is consideration lawful unless it is
forbidden by LAW.

12. A,B & C agree to share profit acquired by them by
fraud.
In this case object of the agreement is not lawful.

13. There are certain
agreements which are
expressly declared void
by the law.
The agreement must not
have been declared void.

14. Agreement in restraint o marriage is void.
A agrees to pay B Rs. 1,00,000 if he does not marry C
this is in restraint of marriage and hence void.

15. According to section 56 of the contract act, the
agreement should be possible o performance ,
otherwise the agreement is void.

16. According to section 29 of the contract act, the
agreement must be certain or capable of being made
certain, If not the agreement is void.

20. Prepared by…….
Mahesh gupta
THANK YOU