This document provides definitions and explanations of key terms from the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law, with an agreement being a promise with consideration. A proposal or offer becomes a promise when it is accepted, with acceptance being when the person to whom the proposal is made signifies their assent. Consideration refers to something done or promised in return. The document also notes that contracts create rights against specific persons rather than the whole world.

1. BY
SUBBU PULLELA

2. A BRIEF INTRODUCTION
TO
INDIAN CONTRACT ACT, 1872.
{The act come in force on 01-09-1872}
SUBBU PULLELA

3. In general sense the term contract means, any
agreement between any two persons.
Section 2(h) of the Act defines the term contract as
“An agreement enforceable by court of law”.
CONTRACT = AGREEMENT + ENFORCEABILITY
PARTIES TO A CONTRACT
PROMISOR or PROPOSER PROMISEE or PROPOSEE
or OFFERER or ACCEPTEE or OFFEREE or
ACCEPTOR
SUBBU PULLELA

4. SUBBU PULLELA
Section 2(e) of the Act defines the term agreement as
“Every promise and set of promises, forming the
consideration to each other”.
AGREEMENT = PROMISE + CONSIDERATION

5. Section 2(b) of the Act defines the term promise as
“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”.
PROMISE = OFFER + ACCEPTANCE
SUBBU PULLELA

6. Section 2(a) of the Act defines the term offer as
“When one person signifies to another his willingness
to do or to abstain from doing anything with a view
to obtaining the assent of that other to such act or
abstinence, he is said to make a proposal (offer)”.
SUBBU PULLELA

7. Section 2(b) of the Act defines the term acceptance as
“A proposal or offer is said to have been accepted
when the person to whom the proposal is made
signifies his assent to the proposal to do
or not to do something”.
SUBBU PULLELA

8. Section 2(d) of the Act defines the term consideration as
“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 abstain from doing something, such an act
or abstinence or promise is called consideration
for the promise”.
Quid Pro Quo - Something In Return
SUBBU PULLELA

9. RIGHTS:
Jus In Personam - Right Against A Specific Person
Jus In Rem - Right Against the Whole World
Every contract creates Jus In Personam
SUBBU PULLELA

10. SUBBU PULLELA

11. SUBBU PULLELA
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