Chapter 02 Contract Act 1872 1229869798371959 1

This document provides an overview of contract law in India based on the Indian Contract Act of 1872. It defines key terms like agreement, proposal, offer, acceptance, consideration and consent. It outlines the essential elements of a valid contract including agreement between competent parties, lawful consideration and object, intention to create legal relations and free consent. It also discusses classification of contracts and the requirements for a valid offer and acceptance. The document notes that a contract requires agreement and enforceability under law. It examines exceptions to competence like minority and defines void, voidable and illegal contracts. Essential elements of free consent like absence of coercion, undue influence and misrepresentation are also outlined.