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1. 1. MEANING OF CONTRACT
2. NATURE OF CONTRACT
3. SCOPE OF CONTRACT
Topics

2. (1) MEANING OF CONTRACT
 Nature of Contracts
 Introduction
 Practically every personal business activity
involves a contract; the purchase of a color TV ,
the renting of an apartment , buying a property.
In each transaction relating to the acquisition of
raw materials, their manufacture, and the
distribution of the finished product by
business, there are contracts that define the
relationships and the rights and obligations of
the parties. As pervasive as contracts are in our
lives, the legal language of contracts is not very
familiar to most of us.


3. DEFINTION OF CONTRACT
 A voluntary, deliberate, and legally binding
agreement between two or more competent
parties. ( Definition)
 Offer + acceptance = Promise
+
consideration
=
Agreement ( Formula )
+
enforceability By Law = Contract

4. ACCORDING TO INDIAN CONTRACT ACT,1872 OF
 section 2(b) defines 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”.
 Section 2(e) defines agreement as “every promise
and every set of promises, forming the
consideration for each other”.
 Section 2(h) defines contract as “an agreement
enforceable by law”.
 On analyzing the definition we find that the
contract is consist of two essential elements: –
an agreement and enforceability by law

5. ESSENTIALS OF VALID CONTRACT
 :1. . Proper offer and proper acceptance with
intention to create legal relationship.
 2.Lawful consideration
 3. Capacity :age of majority, sound mind, Is not
disqualified from contracting by any law
 4.Free consent
 5.Lawful object
 6.Certainity
 Note: Do mention their Sections

6. SCOPE OF CONTRACT
 There are numerous aspects of commercial law, and sometimes
it's difficult to define all areas. Typically, commercial law
practice involves human research as it pertains to, but not
limited to, contracts, the sale of goods, taxation, insurance, and
hiring. The scope of the contract defines all aspects of the
document.
 Contracts have different forms, and the amount of money
involved ranges from small to large sums. Some contracts last
for years while others have a short timeframe. The content
found in the contracts also varies depending upon their
purpose. In addition, some are discrete while others affect many
people. Contracts also have specializations.
 Membership to a club
 Domestic or marriage contracts
 Unperformed contracts
 Executed fully performed contracts