This document discusses the essential elements of a valid contract under Indian law. It defines a contract and lists the 9 essential elements as follows: 1) offer and acceptance, 2) intention to create legal relations, 3) free consent, 4) lawful consideration, 5) capacity to contract, 6) legal objective, 7) certainty, 8) possibility of performance, and 9) writing and registration. It provides explanations and examples for each element.
Learning Outcome:
After completion of the lesson students will be able to -
a) comprehend the nature of misrepresentation in contracts
b) distinguish between representation and promise
c) describe the elements of misrepresentation
d) describe the elements of fraud
e) distinguish between misrepresentation and fraud
Principles of Trust: Classification and CreationPreeti Sikder
Learning Outcome:
Students will :
-be informed about the major divisions among the concept of trust
-learn about the basic legal conditions a trust has to fulfill under Trusts Act, 1882
What Is Contract?, Formation of Indian Contract Act, Agreement,Offer or Proposal, TYPES OF OFFER, Acceptance, Capacity, Minors, Unsound Mind, Consideration, Consent, Legal Object, Void Agreement, Discharge of Contract, Remedies for breach of contracts, Contingent Contract, Contract of Indemnity, Essential elements of a contract of indemnity , RIGHTS OF INDEMNITY HOLDER, Contract of Guarantee, Essential elements of a contract of Guarantee, CONTRACT OF BAILMENT, Essential elements of a contract of Bailment, MODES OF DELIVERY
Specific performance of contract is subject matter of Specific relief Act 1963. These slides are summarized presentation to enable the students to understand the concept of specific relief
Discharge of Contract "PART 1" (Chapter 12) - Business LawSandeep Sharma
PPT on "Discharge of Contract" for BBA & B.Com 1st year students, CA, CPT, CS & CMA Foundation.
Business Law PPT by Sandeep Sharma.
(Meaning with suitable example & explanation)
Learning Outcome:
After completion of the lesson students will be able to -
a) comprehend the nature of misrepresentation in contracts
b) distinguish between representation and promise
c) describe the elements of misrepresentation
d) describe the elements of fraud
e) distinguish between misrepresentation and fraud
Principles of Trust: Classification and CreationPreeti Sikder
Learning Outcome:
Students will :
-be informed about the major divisions among the concept of trust
-learn about the basic legal conditions a trust has to fulfill under Trusts Act, 1882
What Is Contract?, Formation of Indian Contract Act, Agreement,Offer or Proposal, TYPES OF OFFER, Acceptance, Capacity, Minors, Unsound Mind, Consideration, Consent, Legal Object, Void Agreement, Discharge of Contract, Remedies for breach of contracts, Contingent Contract, Contract of Indemnity, Essential elements of a contract of indemnity , RIGHTS OF INDEMNITY HOLDER, Contract of Guarantee, Essential elements of a contract of Guarantee, CONTRACT OF BAILMENT, Essential elements of a contract of Bailment, MODES OF DELIVERY
Specific performance of contract is subject matter of Specific relief Act 1963. These slides are summarized presentation to enable the students to understand the concept of specific relief
Discharge of Contract "PART 1" (Chapter 12) - Business LawSandeep Sharma
PPT on "Discharge of Contract" for BBA & B.Com 1st year students, CA, CPT, CS & CMA Foundation.
Business Law PPT by Sandeep Sharma.
(Meaning with suitable example & explanation)
All agreement are contracts if they are made by the free consent of the parties competent to contract, for a lawful consideration and with a lawful object and are not expressly declared to be void.
Business Law BBA I Year Osmania University, Essential elements of a valid Contract , Classification of Contracts, Proposal or Offer, Kinds of Offer, Essentials of a valid offer or rules regarding valid offer, Acceptance, Essentials of Valid Acceptance, Revocation of Offer and Acceptance, Consideration, Essentials of Valid Consideration, Capacity of Parties, Rules regarding Minor’s agreement.
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Trend analysis of stock market since 2000 tokbinayakiya
This PPT of mine Project Report on Trend analysis of stock market since 2000-2017. Any body need this than contact Me through Gmail. Binayakiya@gmail.com
Trend analysis on stock market since 2000 2017kbinayakiya
This report is all about stock market trend from year 2000-2017, It shows how a long term invest create your Wealth. If any Body Want this report than Please Mail Me Binayakiya@gmail.com .
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Right to live right to die with dignity special context to euthanasiakbinayakiya
Its About Euthanasia law around Globe and In india. Right to live and Right to die with dignity. This is our fundamental Rights. In rest of the world it has been already allowed and Recently in India it allowed.
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RIGHTS OF VICTIM EDITED PRESENTATION(SAIF JAVED).pptxOmGod1
Victims of crime have a range of rights designed to ensure their protection, support, and participation in the justice system. These rights include the right to be treated with dignity and respect, the right to be informed about the progress of their case, and the right to be heard during legal proceedings. Victims are entitled to protection from intimidation and harm, access to support services such as counseling and medical care, and the right to restitution from the offender. Additionally, many jurisdictions provide victims with the right to participate in parole hearings and the right to privacy to protect their personal information from public disclosure. These rights aim to acknowledge the impact of crime on victims and to provide them with the necessary resources and involvement in the judicial process.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
DNA Testing in Civil and Criminal Matters.pptxpatrons legal
Get insights into DNA testing and its application in civil and criminal matters. Find out how it contributes to fair and accurate legal proceedings. For more information: https://www.patronslegal.com/criminal-litigation.html
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
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In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
1. Essential of contract
PRESENTED BY :- 1. KANAK BINAYAKIYA
2. SHEKHAR SURANA
3. ABHAY CHAWLA
4. MUDIT BHURA
PRESENTED TO :- DIVYA UTKARSHA
2. Meaning of contract
Indian Contract Act defines a contract as “an
agreement, enforceable by law” [Section 2(h)]
3. Essential of valid contract
Essentials
1.Offer and
acceptance
2.Intention to create
legal relation
3.Free consent
4.Lawful
consideration
5.Capacity to
contract
6.Legal objective 7.Certainty 8.Possibility
9.Writing and
registration
4. 1. Offer & Acceptance Should be
Present
At least two parties are needed to enter into a contact. One party has
to make an offer and other must accept it.
The person who makes the 'proposal' or 'offer' is called the
'promisor' or 'offeror'. While, the person to whom the offer is made
is called the 'offeree’ or ‘promisee’. There must be an 'offer' and an
'acceptance' to the offer, resulting into an agreement.
5. Essential of valid offer
Express or Implied
Legal relations
Definite and clear Communicated to the Offeree
Should not contain negative conditions
Subject to any conditions
Must not contain cross offers
Different from invitation to offer
Specific or General
6. Essential of Valid Acceptance
Given by the Offeree
Absolute & Unconditional
In a prescribed manner
Communicated to the Offeror
Express or Implied
Follow the offer
Given within reasonable time
7. 2. Intention to create legal relationship
A contract requires that the parties intend to enter into a legally binding
agreement. That is, the parties entering into the contract must intend to
create legal relations and must understand that the
agreement can be enforced by law.
8. Case Law
In Balfour V. Balfour, a husband promised to pay
maintenance allowance every month to his wife,
so long as they remain separate. When he failed to
perform this promise, she brought an action to
enforce. As it is an agreement of domestic nature,
it was held that it does not contemplate to create
any legal obligation
9. 3. Free Consent
'Consent' means the parties must have agreed upon
the same thing in the same sense.
Or Consent means knowledge & approval of the parties
concerned.
Example:- A threatened to shoot B if he (B) does not lend
him Rs 2000 & B agreed to it. Here the agreement is entered
into under coercion and hence voidable at the option of B
10. According to Section 14, Consent is said to be free
when it is not caused by-
(1) Coercion, or
(2) Undue influence, or
(3) Fraud, or
(4) Miss-representation, or
(5) Mistake.
An agreement should be made by the free consent of the
parties.
11. 4. Lawful consideration
Consideration would generally mean ‘compensation’ for doing or
omitting to do an act or deed.
It is also referred to as ‘quid pro quo’ viz ‘something’ in return for
another thing. Such a consideration should be a lawful
consideration.
Example- A agrees to sell his books to B for Rs 100. B’s promise to
pay Rs 100 is the consideration for A’s promise to sell his books &
A’s promise to sell the books is the consideration for B’s promise to
pay Rs 100.
12. 5. Capacity to Contract
The parties making the contract must be legally competent. Law
prohibits
1. Minor
2. Person of unsound mind (excluding the Lucid intervals)
3. Person who are otherwise disqualified like an alien enemy,
insolvents, convicts, etc from entering into any contract.
13. 6. Legality of Object
The object of an agreement must be valid. Object
has nothing to do with consideration. It means the
purpose or design of the contract. Thus, when one
hires a house for use as a gambling house, the
object of the contract is to run a gambling house.
14. An agreement is unlawful, if it is
(i) Illegal
(ii) Immoral
(iii) Fraudulent
(iv) Of a nature that, if permitted, it would defeat the provisions of any law
(v) Causes injury to the person or property of another
(vi) Opposed to public policy.
15. 7. Certainty
The terms of a contract must not be vague or uncertain.
If an agreement is vague and its meaning cannot be
ascertained, it cannot be enforced.
16. 8. Possibility of Performance
The terms of a contract must be such as are capable of
performance. An agreement to do an impossible act is
void and is not enforceable by law.
17. 9. Writing & registration
Generally, a contract may be oral or in writing. However, certain
contracts are required to be in writing and may even require
registration. Therefore, where law requires an agreement to be put
in writing or be registered, the same must be complied with.
For instance, the Indian Trusts Act requires the creation of a trust to
be reduced to writing.