The document discusses the legal framework governing real estate in India. It defines key terms like legal, law, and framework. It explains the importance of understanding law for operating a real estate business legally. It then discusses various Indian laws related to real estate, including the Indian Contract Act, Transfer of Property Act, and laws around minimum wages, ESI, and income tax. The document focuses on explaining the Indian Contract Act in detail, covering essential elements of a valid contract like offer, acceptance, intention to create a legal relationship, consideration, capacity of parties, and exceptions.
Detailed Presentation on Essentials of Contract under the Indian Contract Act, 1872
Made By:
Edited By: Ayush Patria, Sangam University, Bhilwara
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Detailed Presentation on Essentials of Contract under the Indian Contract Act, 1872
Made By:
Edited By: Ayush Patria, Sangam University, Bhilwara
Follow us on Instagram: @law_laboratory
Website: www.lawlaboratory.in
This is a Presentation that seeks to educate & inform the reader about the basics of Power Of Attorney. Along with
a brief explaination about the concept it also elucidates on the need, types, validity and the precautions to be followed while making a POA. It is of special importance to NRIs since it gives them an understanding of this crucial issue. We hope it would help all overseas citizens to take better decisions while handling legal issues.
In this presentation we discuss some elements of a contract as per the Indian Contract Act 1872. We discuss what is a valid and invalid contract, offer, acceptance and consideration.
This is a Presentation that seeks to educate & inform the reader about the basics of Power Of Attorney. Along with
a brief explaination about the concept it also elucidates on the need, types, validity and the precautions to be followed while making a POA. It is of special importance to NRIs since it gives them an understanding of this crucial issue. We hope it would help all overseas citizens to take better decisions while handling legal issues.
In this presentation we discuss some elements of a contract as per the Indian Contract Act 1872. We discuss what is a valid and invalid contract, offer, acceptance and consideration.
Business Laws B.com 1st year ppt on Business laws and offer and acceptance and description of ppy on offer and agreement and lwas of business for studying the b.law easily
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2. INTRODUCTION
• What do you mean by Legal? Something
permitted by Law
• What do you mean by Law? A set of rules and
regulations given by a prescribed authority
• Framework – conceptual structure
• Legal Framework- set of acts and laws that
govern the decision making related to that
field.
3. Importance of studying Law
• One can operate business without any
hindrances
• If one is not aware then business can be
dissolved or forced to be closed down by the
government.
4. Basic Terms…
• What is the difference between:-
• BILL
• LAW
• ACT
• Latest Bills
5. Laws related to Real Estate
• The Indian Contract Act
• The Transfer of Property Act
• The Minimum Wages Act
• The ESI Act
• The Payment of Wages Act
• The Income Tax Act
7. THE INDIAN CONTRACT
ACT
• What is a Contract? A contract is defined as
an agreement enforceable before the Law
• What is an Agreement?
“ Agreement is every promise or set of
promises forming consideration for each
other”
In simple words,
AGREEMENT=OFFER+ACCEPTANCE
8. ESSENTIALS OF A VALID
CONTRACT
• Offer+ Acceptance
• Intention to create legal relationship
• Consideration
• Capacity of Parties
• Free Consent
• Possibility of Performance
• Unlawful object
• Legal Formalities
• Certainty of meaning
• Not declared to be Void or Illegal
9. 1. Offer , Acceptance
• When a person or a group of persons make a
proposal to the other party or when a party
signifies to another his willingness to do or to
abstain from doing anything, it is called as
“Offer”
• Acceptance is giving an assent to the offer.
10. Essentials of a Valid Offer
• It must be capable of creating legal relations
• It must be certain, definite and not vague
• It must be communicated to the offree
• It must be made with a view to obtaining
assent of the other party
• It may be conditional
• Lapse of an offer
• An invitation to offer is not an offer
11. Essentials of a Valid
Acceptance
• It must be unconditional
• It must be communicated to the offeror
• It must be made within a reasonable time
• The acceptor must be aware of the offer
when it is made
• It cannot be implied from silence
• It must be given before the offer lapses
• It must be according to the prescribed mode
or usual or reasonable mode
12. 2. Intention to create a legal
relationship
• Both the parties entering into the contract
should know it well that when they will sign a
contract or enter into a contract there will be
a legal relationship created between them.
• Agreements of Social or Domestic nature are
not counted as contracts.
13. 3. Consideration
• When a party does something for the other
party it must get something in return.
• This “something in return” is called as
consideration
• It is also called as quid pro quo
14. Exceptions to this Rule
• Natural Love and Affection
• Acts done voluntarily
• Gifts
• Donations & Charity
15. 4. Capacity of Parties
• Capacity to contract means competency to
enter into a contract.
• According to the law there are three kinds of
persons are considered as incompetent to
contract
• Minor
• Persons of Unsound Mind
• Persons diqualified by law
16. Minor
• A Minor is a person who has not completed
18th year of his/her age.
• Agreement with or by a minor is void
• He can always plea his infancy in court
