The indian contract act,1872 THIS PPT IS MADE BY PRAGYANESH PRAJAPATI THIS IS LINK ABOUT PRAGYANSH PRAJAPATI https://www.linkedin.com/in/pragyanesh-prajapati-291b60124/

1. The indian contract
act,1872
This law was introduced on 1st September,1872

2. SOME IMPORTANT THINGS ABOUT THE
INDIAN CONTRACT ACT,1872:-
• It is applicable to whole of india except jammu and Kashmir.
• This act is considered as the oldest act prevailing in our country.

4. Contract
Sec2(h)
Agreement + EBL
Agreement
Sec 2(e)
Sec2(b)+ 2(e) + 2(h)
Promise +
consideration
Promise
Sec 2(b)
Offer + acceptance
1. What is a contract?

5. 2. TYPES OF CONTRACT

6. VOID CONTRACT
• Contract which is NEBL.
• For example :-contract with a minor etc…..

7. VOIDABLE CONTRACT
• Contract which is enforceable by law at the option of the aggrieved party.
• It is neither valid nor void.

8. ILLEGAL CONTRACT
• contract which are forbidden by Indian penal code (IPC)
• All illegal contract are void but all void contract are not illegal.

9. UNENFORCEABLE CONTRACT
• Where a contract is good in substance but because of some technical defect i.e. absence in writing
,barred by,imitation etc.

10. VALID CONTRACT
• A contract which is EBL

11. EXPRESS CONTRACT
• This contract are express in word either in writing or oral.
ORAL

12. IMPLIED CONTRACT
• This comes into existence by implication
• For eg:- A delivered the goods to C instead of B ,it is implied the C is support to return the goods.

13. QUASI CONTRACT
• It is an implied contract
• There is no proper offer ,no proper acceptance but
still a valid contract
• It is based on the principle of “prevention of unjust
enrichment at the express of offer

14. TYPES OF QUASI CONTRACT
• Section 68 -72
• Sec 68 :- claim for any necessaries of life and supply to a who is incompetent to contract(THE INCOMPETENT PERSON ISNOT
PERSONLY LIABLE BUT HIS PROPERTY LIABLE )
• Sec 69 :- claim for any payment made on behalf of other
• Sec 70:- claim for any benefit receive the under of non-gratuitous act
• Sec 71:- finder of goods
-he should take care of goods as a man of ordinary who would take care of his own goods
- it is his duty to find the real owner of goods and once owner is found his duty toreturn the
goods
- he has a right to claim expenses incurred on the lost goods from the real owner of the goods
- it is like bailment
• Sec 72 :- claim for any benefit receive under a mistake

15. TACIT CONTRACT
• A contract is said to be tacit when it has to be inferred from the conduct of the parties.
• For eg:- obtaining cash through automatic teller machine , sale by fall of hammer at an auction sale

16. EXECUTED CONTRACT
• Contract which is already performed

17. EXECUTORY CONTRACT
• Contract which are to be performe in future

18. BILATERAL CONTRACT
• Where the obligation or promise in a contract is outstanding on the part of both the parties

19. UNILATERAL CONTRACT

20. 3. HOW TO FORM A CONTRACT?
• Essentialities of a valid contract:-
A. proper offer
B. Proper acceptance
C. Intention to create legal obligation
D. Capacity of parties to enter into a contract
E. Free consent
F. Lawful consideration & lawful object
G. Agreement should not be expressly declared as void by law

21. A. PROPER OFFER
• Definition :- when a person signifies to other person his willingness to do somethings or abstain for doing something in
order to get an assent is known as offer.
• Characteristics :-
1. It should create a legal obligation .
2. It should be specific , certain & not vague
3. It should be different from invitation to offer
4. It should be expressed and implied
5. It should be communicated only then it can be accepted
6. It can be conditional
7. Offer should not contain a term non-compliance of which good lead the acceptance

22. • Types of offer :-
1. General offer- an offer make to general public ,any person coming forward an act accordingly can
accept the offer.
2. Specific offer- makes to specific person or specific group of person
3. Counter offer- an offer responded by another offer
4. Cross offer – Exchange of two identical offer without the knowledge of other party offer
5. Standing offer- an offer is still open for acceptance
• Lapses of offer:-
1. Expiry of time (specific and reasonable time)
2. Revocation of offer by offeror
3. Rejection of offer by offeree
4. In conditional offer , not full settlement of condition offer lapses
5. In counter offer original offer lapses
6. Death of offeror/offeree before acceptance and both the parties a knowledge of the death

23. B. PROPER ACCEPTANCE
• Definition :- when a person to whom the offer is made gives in assent as to be said he has accepted offer
• Characteristics:-
1. Unconditional
2. Legal intention
3. Reasonable time
4. Certain & specific
5. Specific manner

24. COMMUNICATION & REVOCATION OF OFFER & ACCEPTANCE
• We can take one example:- A made a offer to B on 1st January by post and offer received by B on 4th
January but B accepted the offer made by A and make speed post on 6th January and received by A on
9th January .
• Communication of offer:- completed on 4th jan
• Communication of acceptance:- as against offeror on 6th January
as against offeree on 9th January
• Revocation of offer:- completed on 6th January
• Revocation of acceptance :- completed on 9th January

25. C. INTENTION TO CREATE LEGAL OBLIGATION
• A contract should be create legal obligation.

26. D. CAPACITY OF PARTY TO ENTER INTO A CONRACT
• There should be minimum two parties.both the parties should be competent to enter into a contract.
Sec 11 & 12
Sec 11 & 12
minor
Person of
unsound mind
Person
disqualified by
law

27. • 1. MINOR