Contract act
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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.
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The document provides an introduction and definitions related to contract law in India. It defines key terms like offer, acceptance, promise, promisor, promisee, consideration, agreement and contract. It explains that a contract is an agreement that is enforceable by law, while an agreement may or may not be enforceable. It also distinguishes between void, voidable and valid contracts. The document notes that prior to the Contract Act of 1872, English contract law was followed in India, and it lays out the structure and scope of the Contract Act.
Indian contract act 1872
The Indian Contract Act 1872 establishes the framework for contracts in India. It extends to the entire country except Jammu and Kashmir. The key objectives of the act are to ensure agreements are honored and legal remedies are available for aggrieved parties. It defines essential elements of a valid contract such as offer, acceptance, consideration, capacity and legality. The act also covers sale of goods, indemnity, bailment, agency and partnership agreements.
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The document provides information about a presentation on the Indian Contract Act of 1872. It was presented by several students under the guidance of Prof. Sarita Patil.
The summary discusses the key aspects of a contract according to the Indian Contract Act, including offer and acceptance, consideration, consensus ad idem, capacity of parties, lawful object and consideration, and essential elements. It also covers different types of contracts such as express/implied, valid/void/voidable, and illegal contracts. In under 3 sentences, the document summarizes the essential elements of a valid contract according to the Indian Contract Act and provides an overview of the presentation topics on different types of contracts.
Offer
This document defines an offer and lists the essential elements of a valid offer according to Indian contract law. It provides 9 types of offers:
1. Express and implied offers - Express offers are directly communicated while implied offers are inferred from conduct or circumstances.
2. Specific and general offers - Specific offers are made to individuals while general offers are made to the public.
3. Cross offers occur when two parties make identical offers unaware of each other.
4. A counter offer rejects the original offer and amounts to a new offer with modified terms.
5. Standing offers remain open for a period of time like tenders. Positive offers are to do something, while negative offers are to not do something
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The Indian Contract Act 1872 establishes the framework for contracts in India. It extends to the entire country except Jammu and Kashmir. The key objectives of the act are to ensure agreements are honored and legal remedies are available for aggrieved parties. It defines essential elements of a valid contract such as offer, acceptance, consideration, capacity and legality. The act also covers sale of goods, indemnity, bailment, agency and partnership agreements.
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The summary discusses the key aspects of a contract according to the Indian Contract Act, including offer and acceptance, consideration, consensus ad idem, capacity of parties, lawful object and consideration, and essential elements. It also covers different types of contracts such as express/implied, valid/void/voidable, and illegal contracts. In under 3 sentences, the document summarizes the essential elements of a valid contract according to the Indian Contract Act and provides an overview of the presentation topics on different types of contracts.
Offer
This document defines an offer and lists the essential elements of a valid offer according to Indian contract law. It provides 9 types of offers:
1. Express and implied offers - Express offers are directly communicated while implied offers are inferred from conduct or circumstances.
2. Specific and general offers - Specific offers are made to individuals while general offers are made to the public.
3. Cross offers occur when two parties make identical offers unaware of each other.
4. A counter offer rejects the original offer and amounts to a new offer with modified terms.
5. Standing offers remain open for a period of time like tenders. Positive offers are to do something, while negative offers are to not do something
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The document discusses Indian contract law and the essential elements of a valid contract.
1) It defines a contract as an agreement that is enforceable by law, and outlines the requirements for a valid offer and acceptance between parties.
2) It describes situations that can invalidate an agreement or consent, such as coercion, misrepresentation, mistake, or a lack of legal capacity or consideration.
3) It explains different types of contracts and how they are formed, terminated, or deemed void based on factors such as the capacity and consent of the parties involved.
Offer and acceptance
The document discusses the key concepts of offer and acceptance in contract law. It defines an offer as a proposal made by one party to another to enter into a legally binding agreement. For a valid offer, the terms must be definite, unambiguous and certain. An offer becomes a promise once it is accepted by the offeree. Acceptance must be absolute and unconditional, communicated to the offeror according to the prescribed mode, and given within a reasonable time period. Communication of the offer, acceptance and revocation is complete when each party is put on notice. An offer lapses upon revocation by the offeror before acceptance or due to non-fulfillment of conditions among other reasons.
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Discharge of contract
There are several modes through which a contract can be discharged or terminated, including performance, agreement between the parties, impossibility of performance, lapse of time, operation of law, and breach. Discharge by performance occurs when both parties fulfill their contractual obligations. Parties can also discharge a contract through agreement such as novation, rescission, alteration, remission or waiver. Impossibility, such as destruction of the subject matter or change in law, can discharge contracts. Lapse of time and certain legal events like death can also terminate contractual obligations. Breach of contract, either actual or anticipatory, provides another avenue for discharge.
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Contingent contracts are agreements that are dependent on the occurrence or non-occurrence of some future uncertain event, and performance under such contracts can only be enforced after the event in question has occurred or become impossible. The document outlines the essential elements and types of contingent contracts under Indian contract law, and explains the circumstances under which contingent contracts become void or enforceable.
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The document summarizes key aspects of contract law under the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. An agreement requires an offer and acceptance. For a contract to be valid, there must be free consent, lawful consideration, certainty of terms, and no legal impediments. Agreements can be void, voidable, or valid depending on enforceability. Illegal agreements differ from void agreements in that they are also punishable. Specific offers can only be accepted by the party offered to, while general offers are open to acceptance by anyone. Damages for breach of contract include ordinary damages for losses in contemplation of parties as well as nominal, punitive, and pre-fixed damages
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This document summarizes key concepts from Chapter 1 of the Indian Contract Act of 1872 regarding the nature of contracts.
It begins by defining terms like proposal, promise, agreement and contract. It notes that a proposal becomes a promise when accepted, and an agreement involving promises is a contract if enforceable by law.
The summary then discusses essential elements of a contract, including agreement and enforceability. It provides examples of what types of agreements constitute contracts.
It also distinguishes agreements from contracts, noting contracts necessarily create legal obligations while agreements do not unless satisfying legal requirements.
The document concludes by covering concepts like impossible contracts, uncertainty in agreements, and classifications of contracts based on creation, execution and enforceability.
Contract law
The document provides an overview of Indian contract law and the Indian Contract Act of 1872. It discusses the key elements of a valid contract according to Indian law, including offer and acceptance, consideration, capacity of parties, and free consent. It also summarizes the types of contracts and how contracts can be discharged. Additionally, it covers the essential elements of a sale of goods contract according to the Indian Sale of Goods Act of 1930, including the definition of sale and the rights and duties of buyers and unpaid sellers.
Contract
Contingent contracts and wagering contracts both involve future uncertain events, but they differ in important ways. Contingent contracts require the performance of a contract to be conditional on a future collateral event outside the control of the promisor. Examples include contracts for the sale of goods if they arrive safely by ship. Wagering contracts, which are void, involve money being paid based solely on an uncertain future event determined by chance alone, with both parties having equal chance of gain or loss but no other interest in the outcome. The key differences are that contingent contracts may involve other interests, while wagering contracts do not, and contingent agreements are not a game of chance like wagering agreements.
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The document summarizes a court case regarding the dissolution of a partnership between Ehsan Ali and Abbas Mirza. It states that disputes had arisen between the partners regarding the cotton business they ran together. Ehsan Ali, the plaintiff, alleges that Abbas Mirza, the defendant, pledged partnership assets without permission and failed to properly maintain accounts. Ehsan Ali requests that the court dissolve the partnership, appoint a receiver, order an accounting, and pass a final decree with costs in his favor.
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This document discusses key concepts from the Indian Contract Act of 1872 such as proposals, promises, promisers, promisees, consideration, agreements, and contracts. It defines these terms and outlines some of the main provisions around communication and acceptance of proposals, including when a proposal becomes a promise and what constitutes revocation of proposals and acceptance. The document also briefly mentions interpretation clauses and forms of promises in words or implied other ways.
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This document discusses contingent contracts under Indian contract law. It defines contingent contracts as those whose enforceability depends on an uncertain future event outside the parties' control. For a contingent contract to be valid, the future event must occur within a fixed period; otherwise the contract is void. The document provides examples of contingent contracts in insurance and mergers/acquisitions. It outlines the essential elements of a valid contingent contract and examines two case laws related to contingent contracts. The conclusion is that contingent contracts can limit losses if the future event occurs, but cannot normally be enforced if the event does not occur as planned.
Discharge of Contract
The document discusses various modes of discharge of a contract, including:
1) Discharge by performance or attempted performance when both parties fulfill their contractual obligations.
2) Discharge upon the death of a contracting party if the contract is personal in nature.
3) Discharge if performance becomes impossible or unlawful, such as if the subject matter is destroyed.
4) Discharge by mutual agreement through novation, rescission, alteration, or remission if the parties agree to replace or modify the original contract terms.
5) Discharge by operation of law after a specified time period has lapsed or if one party becomes insolvent.
Discharge of a contract
Go through these slides and gain an insight of various methods of discharge of contract Suggest your valuable comments on it.
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This document discusses the law of contract in India. It originated in 1872 and is an important part of mercantile law. A contract is defined as an agreement that is enforceable by law, and requires a minimum of two parties - a promisor who makes an offer and a promisee who accepts the offer. The law of contract outlines essential elements and types of contracts.
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The document discusses Indian contract law and the essential elements of a valid contract.
1) It defines a contract as an agreement that is enforceable by law, and outlines the requirements for a valid offer and acceptance between parties.
2) It describes situations that can invalidate an agreement or consent, such as coercion, misrepresentation, mistake, or a lack of legal capacity or consideration.
3) It explains different types of contracts and how they are formed, terminated, or deemed void based on factors such as the capacity and consent of the parties involved.
Offer and acceptance
The document discusses the key concepts of offer and acceptance in contract law. It defines an offer as a proposal made by one party to another to enter into a legally binding agreement. For a valid offer, the terms must be definite, unambiguous and certain. An offer becomes a promise once it is accepted by the offeree. Acceptance must be absolute and unconditional, communicated to the offeror according to the prescribed mode, and given within a reasonable time period. Communication of the offer, acceptance and revocation is complete when each party is put on notice. An offer lapses upon revocation by the offeror before acceptance or due to non-fulfillment of conditions among other reasons.
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This document provides an overview of business law concepts related to contracts. It defines a contract as an agreement that is enforceable by law, consisting of an agreement and consideration. It outlines the essential elements of a valid contract including offer, acceptance, consideration, capacity of parties, free consent, and lawful object. It also distinguishes between different types of contracts such as valid, voidable, void, unenforceable, illegal, express, implied, quasi, executory, and executed contracts. Key points of consent, certainty, and kinds of contracts are also summarized.
Discharge of contract
There are several modes through which a contract can be discharged or terminated, including performance, agreement between the parties, impossibility of performance, lapse of time, operation of law, and breach. Discharge by performance occurs when both parties fulfill their contractual obligations. Parties can also discharge a contract through agreement such as novation, rescission, alteration, remission or waiver. Impossibility, such as destruction of the subject matter or change in law, can discharge contracts. Lapse of time and certain legal events like death can also terminate contractual obligations. Breach of contract, either actual or anticipatory, provides another avenue for discharge.
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Contingent contracts are agreements that are dependent on the occurrence or non-occurrence of some future uncertain event, and performance under such contracts can only be enforced after the event in question has occurred or become impossible. The document outlines the essential elements and types of contingent contracts under Indian contract law, and explains the circumstances under which contingent contracts become void or enforceable.
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The document discusses the nature of contracts under Indian law. It defines key terms like jus in rem, jus in personam, agreement, promise, and obligation. It explains that a contract requires an agreement with intent to create a legal obligation, lawful consideration, capacity and consent of parties, a lawful object, certainty and possibility of performance. The essential elements of a valid contract according to Indian Contract Act are also summarized. Finally, the document outlines different types of contracts based on their creation, execution and validity.
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The document summarizes key aspects of contract law under the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. An agreement requires an offer and acceptance. For a contract to be valid, there must be free consent, lawful consideration, certainty of terms, and no legal impediments. Agreements can be void, voidable, or valid depending on enforceability. Illegal agreements differ from void agreements in that they are also punishable. Specific offers can only be accepted by the party offered to, while general offers are open to acceptance by anyone. Damages for breach of contract include ordinary damages for losses in contemplation of parties as well as nominal, punitive, and pre-fixed damages
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This document summarizes key concepts from Chapter 1 of the Indian Contract Act of 1872 regarding the nature of contracts.
It begins by defining terms like proposal, promise, agreement and contract. It notes that a proposal becomes a promise when accepted, and an agreement involving promises is a contract if enforceable by law.
The summary then discusses essential elements of a contract, including agreement and enforceability. It provides examples of what types of agreements constitute contracts.
It also distinguishes agreements from contracts, noting contracts necessarily create legal obligations while agreements do not unless satisfying legal requirements.
The document concludes by covering concepts like impossible contracts, uncertainty in agreements, and classifications of contracts based on creation, execution and enforceability.
Contract law
The document provides an overview of Indian contract law and the Indian Contract Act of 1872. It discusses the key elements of a valid contract according to Indian law, including offer and acceptance, consideration, capacity of parties, and free consent. It also summarizes the types of contracts and how contracts can be discharged. Additionally, it covers the essential elements of a sale of goods contract according to the Indian Sale of Goods Act of 1930, including the definition of sale and the rights and duties of buyers and unpaid sellers.
Contract
Contingent contracts and wagering contracts both involve future uncertain events, but they differ in important ways. Contingent contracts require the performance of a contract to be conditional on a future collateral event outside the control of the promisor. Examples include contracts for the sale of goods if they arrive safely by ship. Wagering contracts, which are void, involve money being paid based solely on an uncertain future event determined by chance alone, with both parties having equal chance of gain or loss but no other interest in the outcome. The key differences are that contingent contracts may involve other interests, while wagering contracts do not, and contingent agreements are not a game of chance like wagering agreements.
case on Dischare of contract
The document summarizes a court case regarding the dissolution of a partnership between Ehsan Ali and Abbas Mirza. It states that disputes had arisen between the partners regarding the cotton business they ran together. Ehsan Ali, the plaintiff, alleges that Abbas Mirza, the defendant, pledged partnership assets without permission and failed to properly maintain accounts. Ehsan Ali requests that the court dissolve the partnership, appoint a receiver, order an accounting, and pass a final decree with costs in his favor.
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This document discusses key concepts from the Indian Contract Act of 1872 such as proposals, promises, promisers, promisees, consideration, agreements, and contracts. It defines these terms and outlines some of the main provisions around communication and acceptance of proposals, including when a proposal becomes a promise and what constitutes revocation of proposals and acceptance. The document also briefly mentions interpretation clauses and forms of promises in words or implied other ways.
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This document discusses contingent contracts under Indian contract law. It defines contingent contracts as those whose enforceability depends on an uncertain future event outside the parties' control. For a contingent contract to be valid, the future event must occur within a fixed period; otherwise the contract is void. The document provides examples of contingent contracts in insurance and mergers/acquisitions. It outlines the essential elements of a valid contingent contract and examines two case laws related to contingent contracts. The conclusion is that contingent contracts can limit losses if the future event occurs, but cannot normally be enforced if the event does not occur as planned.
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The document discusses various modes of discharge of a contract, including:
1) Discharge by performance or attempted performance when both parties fulfill their contractual obligations.
2) Discharge upon the death of a contracting party if the contract is personal in nature.
3) Discharge if performance becomes impossible or unlawful, such as if the subject matter is destroyed.
4) Discharge by mutual agreement through novation, rescission, alteration, or remission if the parties agree to replace or modify the original contract terms.
5) Discharge by operation of law after a specified time period has lapsed or if one party becomes insolvent.
Discharge of a contract
Go through these slides and gain an insight of various methods of discharge of contract Suggest your valuable comments on it.
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This document discusses the law of contract in India. It originated in 1872 and is an important part of mercantile law. A contract is defined as an agreement that is enforceable by law, and requires a minimum of two parties - a promisor who makes an offer and a promisee who accepts the offer. The law of contract outlines essential elements and types of contracts.
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3) Key terms related to contracts such as proposal, acceptance, consideration, void and voidable contracts are defined.
Law of contract introduction
The document provides an overview of contract law in India. It defines key terms like agreement, contract, proposal, and offer. It explains that a contract is an agreement that is enforceable by law, containing elements like offer and acceptance, lawful consideration, and lawful object. The document outlines essential features of a valid contract and distinguishes between agreements and contracts. It also describes different types of offers and proposals under Indian contract law.
Contract act1872 (1) bare act
The document provides an overview of key definitions and concepts from the Indian Contract Act of 1872. It begins with preliminary sections on the short title, extent, and interpretation of key terms like proposal, acceptance, consideration, void agreements, and contracts.
Subsequent sections define and provide rules for communication and revocation of proposals, acceptance of proposals, free consent, coercion, undue influence, fraud, misrepresentation, mistake and their effects on agreements. It also discusses persons competent to contract and considerations/objects that make agreements valid or void.
The document outlines exceptions and conditions for agreements to be enforceable as well as void, including those in restraint of marriage, trade, or legal proceedings. It concludes by defining contingent contracts
Breach of Contract in India
Breach of contract occurs when a party fails to perform their obligations under a contract or repudiates the contract before performance is due. There are two types of breach - actual and anticipatory. The aggrieved party has remedies available to them, including claiming damages. Damages aim to put the injured party in the position they would have been in if the contract was performed. Damages must naturally arise from the breach or have been in the reasonable contemplation of the parties (Hadley v. Baxendale). Compensation can cover direct financial losses but not remote, indirect, or punitive damages.
The indian contract act, 1872
The document discusses key concepts related to contracts under Indian law such as the definition of a contract, essential elements of a valid contract, capacity to contract, free consent and its exceptions. Some key points:
1. A contract is an agreement that is enforceable by law. It requires an offer, acceptance of the offer, intention to create a legal relationship, consideration and consent.
2. For a contract to be valid, the parties must have the capacity to contract, meaning they must be of the age of majority and sound mind.
3. Free consent is an essential element and consent obtained through coercion, undue influence or fraud is not considered free consent and may make the contract voidable.
INDIAN CONTRACT ACT, 1872
This document provides an overview of key concepts in Indian contract law according to the Indian Contract Act of 1872. It defines important terms like contract, agreement, offer, acceptance and consideration. It outlines the essential elements for a valid contract and different types of contracts such as valid, void, illegal and unenforceable contracts. It also discusses capacity to contract, free consent, coercion, undue influence, fraud, mistake and unlawful objectives that can make agreements void. The document comprehensively covers major principles of contract formation and validity according to Indian law.
Business Law Unit I.pptx
The document discusses key concepts from the Indian Contract Act 1872 such as offer, acceptance, agreement, and contract. It explains that a contract requires an agreement plus legal enforceability. The essential elements of a valid contract are discussed as offer and acceptance, lawful object, lawful consideration, capacity of parties, and free consent. Remedies for breach of contract include damages, specific performance, and injunction. Previous years questions from various competitive exams covering concepts of contract law are also provided.
22914162 the-indian-contract-act-1872
The document discusses key concepts related to contracts under the Indian Contract Act of 1872 such as:
1. A contract is defined as an agreement that is enforceable by law, which involves an offer, acceptance of that offer, intention to create a legal relationship, consideration, capacity to contract, and free consent.
2. Essential elements of a valid contract include offer and acceptance, intention to create a legal relationship, consensus ad idem, consideration, capacity to contract, free consent, legality of object, and possibility of performance.
3. For a contract to be valid, consent between the parties must be free and not caused by coercion, undue influence, or fraud/misrepresentation.
Consideration
The document discusses the legal concept of consideration in contracts. It defines consideration according to Indian contract law as something given in exchange for a promise. Consideration must be real and lawful, and can be a benefit to the promisor or detriment to the promisee. There are some exceptions where consideration is not required, such as for natural love and affection between parties or compensation for past voluntary services. All agreements require consideration to be enforceable as contracts, unless they fall under one of the exceptions.
Contract act
The document discusses the Indian Contract Act and key concepts related to contracts under Indian law. It defines a contract, agreement, promise, offer, acceptance and consideration. It outlines the essential elements of a valid contract including offer and acceptance, intention to create a legal relationship, consensus ad idem, consideration, capacity to contract, free consent, legality of object and possibility of performance. It also discusses different types of contracts such as valid, void, voidable, illegal and unenforceable contracts. It provides details on offer, acceptance, capacity to contract and free consent which are essential elements in the formation of a valid contract.
22914162 the-indian-contract-act-1872
The document discusses the key concepts in Indian contract law such as contract, agreement, offer, acceptance, consideration, capacity to contract, free consent, and validity of contracts.
Some key points covered are:
1. A contract is an agreement that is enforceable by law. There must be an offer and acceptance, intention to create a legal relationship, consideration, free consent and capacity to contract for an agreement to become a valid contract.
2. Essentials of a valid contract include offer, acceptance, intention to create legal relations, consideration, capacity of parties, free consent, lawful object and possibility of performance.
3. Consent is said to be free only when not caused by coercion
The indian-contract-act-1872
The document discusses the key concepts in Indian contract law such as contract, agreement, offer, acceptance, consideration, capacity to contract, free consent, and validity of contracts.
Some key points covered are:
1. A contract is an agreement that is enforceable by law. There must be an offer and acceptance, intention to create a legal relationship, consideration, free consent and capacity to contract for an agreement to become a valid contract.
2. Consideration refers to something of value that is exchanged by both parties. It can be in many forms as long as it induces the promise.
3. For a valid contract, the parties must have free consent without any coercion, undue influence or
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Indian contract act,1872
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Accounting involves recording financial transactions, posting them to ledgers, preparing an interim trial balance and final financial statements, and communicating this information to internal and external users. The key steps are recording transactions, posting to ledgers, preparing an interim trial balance and final accounts, and distributing financial information to users inside and outside the company.
Process of accounting
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Contract act
- 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 FOR ANY ASSISTANCE MAIL US ON subbup1289@gmail.com You can follow us on www.facebook.com/TheWorldofCommerce