Essentials of a valid contract
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The key elements of a valid contract are: 1. Offer - A proposal made with intention to obtain legal consent from the offeree. It must be clear, definite, complete and communicated to the offeree. 2. Intention to create legal relations - There must be an intention between parties to create legal obligations. 3. Consideration - There must be something of value exchanged between parties, such as a promise for a promise. Consideration can be executory, executed, or past consideration.
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Beach's agreement to purchase the stereo system is voidable since he entered into it while still a minor. As a minor, Beach has the right to disaffirm or avoid the contract. If Beach chooses to disaffirm the contract, he can return the stereo system and recover the $100 down payment he made. McReam's would have no legal right to collect any additional payments from Beach.
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The parties must understand each other and intend to reach an agreement for a contract to be formed. A judge will objectively assess if there was a meeting of the minds based on the parties' conduct. An invitation to bargain or price quote is generally not an offer, and an advertisement is also not usually an offer. For an offer to be valid, the terms must be definite. The UCC establishes implied terms for open contracts regarding issues like price, delivery, and warranties. Offers can be terminated by revocation, rejection, expiration or operation of law such as death. For acceptance, the offeree must generally promise in a bilateral contract or perform in a unilateral contract. Additional terms in a acceptance under the UCC
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The document discusses key concepts related to offer and acceptance in contract law. It defines what constitutes a valid offer, including requirements like intention to create a legal relationship and communication. It also defines acceptance and outlines essentials requirements. It discusses related topics like consideration, invitation to offer vs offer, lapse and revocation of offers, and when consideration is not necessary. Cross offers and standing offers are provided as examples. Communication of offer, acceptance and revocation are also covered.
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A simple contract requires an offer, acceptance of that offer, and consideration between two or more parties. Not all agreements are considered contracts, as contracts must meet additional requirements of being legally binding. While an agreement only requires mutual assent, a contract is an agreement that is enforceable under law.
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Acceptance means giving consent to the offer and signifies the offeree's willingness to be bound by the offer terms. Acceptance can be express, through words spoken or written, or implied, inferred from conduct. For a valid acceptance, it must be absolute and unqualified without any conditions, in the prescribed manner, communicated to the offeror by the offeree before any lapse or withdrawal of the offer. The acceptance must meet all these essential elements to create a legally binding contract.
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The document discusses key concepts related to contracts under Indian law such as offer, acceptance, consideration and essential elements of a valid contract. It provides definitions and examples to explain these concepts. Some key points covered include:
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This presentation is one of my assignment in Business Law Class in Sampoerna University. This presentation is about Termination of Contract.
Slide: PowerPoint 2013
Design by: Hedi Fauzi
Image: Google Image
If you want the original file for your reference, feel free to ask me via email: hedi.fauzi@hotmail.com with subject [SlideShare] (Your Subject)
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Slide: PowerPoint 2013
Design by: Hedi Fauzi
Image: Google Image
If you want the original file for your reference, feel free to ask me via email: hedi.fauzi@hotmail.com with subject [SlideShare] (Your Subject)
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this ppt will help you in understanding Indian contract act
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The document discusses different types of contracts that may be used in project management. It describes fixed price/lump sum contracts where a specific deliverable is agreed to for a set price, carrying more risk for the seller. Cost-reimbursable contracts reimburse the seller for all allowable costs and come in forms like cost plus fee or cost plus fixed fee. Time and materials contracts bill the buyer based on hours worked and materials used by the seller.
ESSENTIAL ELEMENTS OF A VALID CONTRACT
The document outlines the 10 essential elements of a valid contract according to Indian contract law: 1) Proper offer and acceptance, 2) Intention to create a legal relationship, 3) Lawful consideration, 4) Competent parties, 5) Free consent, 6) Lawful object, 7) Certainty of meaning, 8) Possibility of performance, 9) Not declared void or illegal, and 10) Compliance with legal formalities such as writing or registration requirements. The elements must all be present for an agreement to be considered an enforceable contract under Indian law.
Contract law
The document summarizes key concepts around contracts from a PowerPoint presentation on business and online commerce law. It discusses the basic elements of a contract including agreement between two parties, consideration in exchange for a promise, and lawful purpose. It also classifies different types of contracts according to their formation, enforceability, and performance. Key terms like offer, acceptance, consideration, and gift promises are defined. International contracts are also briefly addressed through the UN Convention on Contracts for the International Sale of Goods.
Types of contract
There are several types of contracts:
1. A valid contract is enforceable by law when all essential elements are present.
2. A voidable contract can be voided when consent is not free, such as under threat.
3. A void contract has no legal effect.
Contracts can also be express (verbal or written), implied (based on actions), quasi (not by agreement but recognized by law), executed (both parties fulfilled obligations), or executory (obligations still need to be performed).
Essential elements of a valid contract
The document discusses the essential elements of a valid contract according to Indian contract law. It states that for a valid contract there must be (1) a lawful offer and acceptance, (2) lawful consideration, (3) capacity of the parties to contract, (4) free consent, (5) a lawful object, (6) intention to create legal relations, (7) certainty and possibility of performance, and (8) no legal formalities required or fulfilled. It provides definitions and examples for key terms like agreement, promise, consideration, and capacity. It also outlines exceptions for certain domestic agreements and situations that would make a contract void.
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This document provides an overview of key concepts in business law in India. It begins with definitions of law and the need for understanding business laws. It outlines the sources of business law in India, including English mercantile law, statute law, common law, and customs/usages. The document then covers the law of contracts in detail, providing definitions of contract and agreement, essential elements of a valid contract, and distinguishing features of contracts versus other types of agreements. Key acts governing business in India are also listed.
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An offer is a willingness to do or not do something if the other party consents. An offer becomes an agreement when accepted by the offeree. For an offer to be valid it must be definite, clear, communicated, and not revoked before acceptance. Acceptance must be absolute, unconditional, communicated to the offeror, and given within a reasonable time. When these conditions are met, the offer and acceptance form a legally binding agreement.
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This document provides an overview of key concepts from Chapter 2 of the Indian Contract Act 1872, including:
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2. A contract can be classified according to validity, formation, and performance. Key classifications include valid, voidable, void, illegal, express, implied, and executed vs. executory contracts.
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The document discusses the essential elements of a valid offer or proposal in contract law. An offer is a promise to do or abstain from doing something in exchange for another party's performance. To be valid, an offer must (1) intend to create legal relations, (2) have clear terms and conditions, (3) be communicated to the offeree, and (4) be possible for the offeree to accept. An offer can be terminated through revocation, rejection, lapse of time, conditional offers not being met, operation of law, death, acceptance, illegality, changes in law or subject matter, or failure to meet terms and conditions. The document also distinguishes between general and specific offers,
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The document is an assignment on acceptance in contract law submitted by students. It includes:
1. An introduction defining acceptance as indicating a willingness to be bound by an offer's terms, forming an agreement.
2. Types of acceptance are conditional (with changes), express (clear agreement), and implied (indicated by actions).
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Indian contract act 1872
1. The document defines key terms related to contracts such as agreement, consideration, promise, consensus, offer, acceptance and revocation. It also outlines the essential elements of a valid contract including offer and acceptance, lawful consideration, capacity to contract, free consent and legality of object.
2. The types of contracts are discussed such as void, voidable, illegal, unenforceable, express, implied, quasi, executed, executory, unilateral and bilateral. The formation of contracts including offer, acceptance, revocation and lapse of offer are also summarized.
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This document discusses the key elements of contract formation, including offer, acceptance, and consideration. It defines an offer as a serious expression of intention to enter a contract with definite terms that is communicated to the offeree. An acceptance must exactly match the offer and can be communicated through speech or conduct. A valid contract is formed once there is an offer, acceptance of that offer, and consideration. The document outlines exceptions and ways an offer can terminate before acceptance.
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This document summarizes key concepts around proposals (offers) and their legal rules from a lecture on business law and legal environment. It defines a proposal as one person expressing willingness to do or abstain from an act to another with the goal of obtaining the other's assent. A proposal must meet three essentials - express willingness to an act, be expressed to another person, and aim to obtain their assent. It then outlines legal rules for valid offers, including the offer must be certain, not an invitation, and communicated to the offeree. The document concludes by listing ways an offer can lapse, such as after a reasonable time, rejection, death or insanity of parties, revocation, or illegality/
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The document defines acceptance and outlines the essential elements of a valid acceptance according to contract law. There must be: 1) acceptance by the offeree, 2) acceptance with knowledge of the offer, and 3) absolute and unconditional acceptance. Additionally, acceptance must be given within the prescribed time limit, before the offer lapses, communicated to the offeror, in the manner prescribed or usual and reasonable manner, and show intention to fulfill the offer's terms. Acceptance can be express or implied but not presumed from silence.
Acceptance contract act Ba-LLB short notes
The document discusses acceptance under contract law in India. It defines acceptance and outlines several rules:
1) Acceptance must be absolute and unqualified, without variation, or it is considered a counteroffer.
2) Acceptance must be communicated to the offeror in a usual, reasonable, or prescribed manner. Silence or enjoyment of benefits can imply acceptance in some cases.
3) Acceptance must be given before the offer lapses or is revoked, and cannot precede an offer. A mere mental acceptance is not valid.
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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A contract requires four elements: agreement between two or more parties, consideration, capacity, and legality. There are different types of contracts including bilateral contracts where parties exchange promises, unilateral contracts where a party performs to receive a promise, and quasi-contracts created by courts to prevent unjust enrichment. For a valid contract to exist there must be an offer containing reasonably definite terms, acceptance of the offer, and consideration in the form of value bargained for between the parties.
Legal aspects of indian business
This document provides definitions and key aspects of proposals, acceptances, and revocations under contract law. It defines a proposal as one person signifying a willingness to another to do or not do something to obtain consent. A proposal requires at least two parties, can be positive or negative, must intend to create legal relations, and must be communicated. Acceptance is the assent to a proposal, turning it into a promise. Communication of acceptance is complete differently for the offeror and offeree. Revocation withdraws an offer or acceptance, with communication being complete differently for each party.
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The document defines key terms related to contracts, including legal capacity, offer, acceptance, consideration, compensation, and intention to be legally bound. It also outlines the basic requirements for forming a valid contract, including that the parties must have legal capacity, there must be an offer and acceptance, and consideration. It discusses concepts like terms of a contract, how a contract can end through performance, agreement, breach or frustration, and remedies for breach of contract.
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The document discusses the legal concepts of offer and acceptance. It defines an offer as a proposal made by one party to another to enter into a legally binding agreement. For an offer to be valid, it must be definite, unambiguous, and communicated to the offeree. An acceptance is the manifestation of assent by the offeree to the terms of the offer, creating a legally binding promise. For an acceptance to be valid, it must be absolute, within a reasonable time period, and communicated to the offeror. The document outlines the rules and legal requirements regarding offer, acceptance, revocation, and rejection.
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The document discusses key aspects of contract law in India according to the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. There are two essential elements to a valid contract: 1) an agreement between two parties, and 2) the agreement's enforceability under law. For an agreement to become an enforceable contract, it must meet additional requirements such as offer and acceptance, lawful consideration, capacity of the parties to contract, free consent, and lawful object.
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This document defines key concepts related to proposals and revocation in contract law. It defines a proposal or offer as signifying a willingness to do or abstain from doing something. For a proposal to be valid, it must be communicated and made with the intention of creating legal relations. A proposal can be revoked through notice, lapse of time, death or insanity of the proposer, counteroffer, or subsequent illegality. Revocation refers to cancelling or annulling something by authority, such as revoking a license or will.
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This document discusses key concepts relating to contracts, including offers, acceptance, and communication. It defines a contract as a legally enforceable agreement between two or more persons that requires offer, acceptance, and consideration. An offer is a willingness to enter a relationship, which can be accepted, rejected, or revoked. An invitation to treat is a request for offers rather than an offer. For a valid acceptance, the offeree must accept without modification in the manner required by the offeror and communicate it to the offeror. There are exceptions for ongoing commercial relationships, unilateral contracts, and postal acceptance.
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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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The impact of OTT platforms on the Bollywood film industry is significant. The competition for viewers has led to a decrease in cinema ticket sales, affecting the revenue of Bollywood films that traditionally rely on theatrical releases. Additionally, OTT platforms now pay less for film rights due to the uncertain success of films in cinemas.
Looking ahead, the future of OTT in India appears promising. The market is expected to grow by 20% annually, reaching a value of ₹1200 billion by the end of the decade. The increasing availability of affordable smartphones and internet access will drive this growth, making OTT platforms a primary source of entertainment for many viewers.
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IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
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