The document summarizes key aspects of contract law under the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. The essential elements of a valid contract are offer and acceptance, intention to create a legal relationship, lawful consideration, capacity to contract, free consent, legality of object, and possibility of performance. It discusses concepts like offer, acceptance, consideration, capacity to contract and free consent in detail providing examples. It also outlines exceptions and types of contracts.
The document discusses key concepts related to contracts under Indian law such as the definition of a contract, essential elements of a valid contract, capacity to contract, free consent and its exceptions. Some key points:
1. A contract is an agreement that is enforceable by law. It requires an offer, acceptance of the offer, intention to create a legal relationship, consideration and consent.
2. For a contract to be valid, the parties must have the capacity to contract, meaning they must be of the age of majority and sound mind.
3. Free consent is an essential element and consent obtained through coercion, undue influence or fraud is not considered free consent and may make the contract voidable.
The document discusses key concepts related to contracts under the Indian Contract Act of 1872 such as:
1. A contract is defined as an agreement that is enforceable by law, which involves an offer, acceptance of that offer, intention to create a legal relationship, consideration, capacity to contract, and free consent.
2. Essential elements of a valid contract include offer and acceptance, intention to create a legal relationship, consensus ad idem, consideration, capacity to contract, free consent, legality of object, and possibility of performance.
3. For a contract to be valid, consent between the parties must be free and not caused by coercion, undue influence, or fraud/misrepresentation.
This document provides an overview of key concepts in Indian contract law according to the Indian Contract Act of 1872. It defines important terms like contract, agreement, offer, acceptance and consideration. It outlines the essential elements for a valid contract and different types of contracts such as valid, void, illegal and unenforceable contracts. It also discusses capacity to contract, free consent, coercion, undue influence, fraud, mistake and unlawful objectives that can make agreements void. The document comprehensively covers major principles of contract formation and validity according to Indian law.
The document summarizes key aspects of contract law under the Indian Contract Act of 1872. It defines a contract and outlines essential elements for a valid contract such as offer, acceptance, consideration, capacity to contract, and free consent. It discusses different types of contracts such as valid/invalid, express/implied, executed/executory, and unilateral/bilateral contracts. It also covers concepts such as privity of contract, minority, coercion, and undue influence.
This document discusses the key aspects of contract law in India according to the Indian Contract Act of 1872. It begins by defining a contract and the essential elements for a valid contract, including offer, acceptance, intention to create a legal relationship, consideration, capacity to contract, free consent, certainty of terms, and legality of object. It then discusses different types of contracts and their characteristics. The document concludes by explaining concepts like coercion, undue influence, fraud, and misrepresentation that can potentially invalidate a contract.
This document discusses the key aspects of contract law in India according to the Indian Contract Act of 1872. It begins by defining a contract and the essential elements for a valid contract, including offer, acceptance, intention to create a legal relationship, consideration, capacity to contract, free consent, certainty of terms, and legality of object. It then discusses different types of contracts and their characteristics. It also examines the conditions required for parties to enter into a valid contract, such as being a major, of sound mind, and not being legally disqualified. Finally, it covers concepts such as coercion, undue influence, fraud, and misrepresentation that can potentially invalidate a contract.
This document discusses the key aspects of contract law in India according to the Indian Contract Act of 1872. It begins by defining a contract and the essential elements for a valid contract, including offer, acceptance, intention to create a legal relationship, consideration, capacity to contract, free consent, certainty of terms, and legality of object. It then discusses different types of contracts and their characteristics. Finally, it examines the conditions required for parties to enter into a valid contract, such as being a major, of sound mind, and not being legally disqualified. The document provides a comprehensive overview of fundamental contract law concepts and principles in India.
The document discusses the Indian Contract Act and key concepts related to contracts under Indian law. It defines a contract, agreement, promise, offer, acceptance and consideration. It outlines the essential elements of a valid contract including offer and acceptance, intention to create a legal relationship, consensus ad idem, consideration, capacity to contract, free consent, legality of object and possibility of performance. It also discusses different types of contracts such as valid, void, voidable, illegal and unenforceable contracts. It provides details on offer, acceptance, capacity to contract and free consent which are essential elements in the formation of a valid contract.
The document discusses key concepts related to contracts under Indian law such as the definition of a contract, essential elements of a valid contract, capacity to contract, free consent and its exceptions. Some key points:
1. A contract is an agreement that is enforceable by law. It requires an offer, acceptance of the offer, intention to create a legal relationship, consideration and consent.
2. For a contract to be valid, the parties must have the capacity to contract, meaning they must be of the age of majority and sound mind.
3. Free consent is an essential element and consent obtained through coercion, undue influence or fraud is not considered free consent and may make the contract voidable.
The document discusses key concepts related to contracts under the Indian Contract Act of 1872 such as:
1. A contract is defined as an agreement that is enforceable by law, which involves an offer, acceptance of that offer, intention to create a legal relationship, consideration, capacity to contract, and free consent.
2. Essential elements of a valid contract include offer and acceptance, intention to create a legal relationship, consensus ad idem, consideration, capacity to contract, free consent, legality of object, and possibility of performance.
3. For a contract to be valid, consent between the parties must be free and not caused by coercion, undue influence, or fraud/misrepresentation.
This document provides an overview of key concepts in Indian contract law according to the Indian Contract Act of 1872. It defines important terms like contract, agreement, offer, acceptance and consideration. It outlines the essential elements for a valid contract and different types of contracts such as valid, void, illegal and unenforceable contracts. It also discusses capacity to contract, free consent, coercion, undue influence, fraud, mistake and unlawful objectives that can make agreements void. The document comprehensively covers major principles of contract formation and validity according to Indian law.
The document summarizes key aspects of contract law under the Indian Contract Act of 1872. It defines a contract and outlines essential elements for a valid contract such as offer, acceptance, consideration, capacity to contract, and free consent. It discusses different types of contracts such as valid/invalid, express/implied, executed/executory, and unilateral/bilateral contracts. It also covers concepts such as privity of contract, minority, coercion, and undue influence.
This document discusses the key aspects of contract law in India according to the Indian Contract Act of 1872. It begins by defining a contract and the essential elements for a valid contract, including offer, acceptance, intention to create a legal relationship, consideration, capacity to contract, free consent, certainty of terms, and legality of object. It then discusses different types of contracts and their characteristics. The document concludes by explaining concepts like coercion, undue influence, fraud, and misrepresentation that can potentially invalidate a contract.
This document discusses the key aspects of contract law in India according to the Indian Contract Act of 1872. It begins by defining a contract and the essential elements for a valid contract, including offer, acceptance, intention to create a legal relationship, consideration, capacity to contract, free consent, certainty of terms, and legality of object. It then discusses different types of contracts and their characteristics. It also examines the conditions required for parties to enter into a valid contract, such as being a major, of sound mind, and not being legally disqualified. Finally, it covers concepts such as coercion, undue influence, fraud, and misrepresentation that can potentially invalidate a contract.
This document discusses the key aspects of contract law in India according to the Indian Contract Act of 1872. It begins by defining a contract and the essential elements for a valid contract, including offer, acceptance, intention to create a legal relationship, consideration, capacity to contract, free consent, certainty of terms, and legality of object. It then discusses different types of contracts and their characteristics. Finally, it examines the conditions required for parties to enter into a valid contract, such as being a major, of sound mind, and not being legally disqualified. The document provides a comprehensive overview of fundamental contract law concepts and principles in India.
The document discusses the Indian Contract Act and key concepts related to contracts under Indian law. It defines a contract, agreement, promise, offer, acceptance and consideration. It outlines the essential elements of a valid contract including offer and acceptance, intention to create a legal relationship, consensus ad idem, consideration, capacity to contract, free consent, legality of object and possibility of performance. It also discusses different types of contracts such as valid, void, voidable, illegal and unenforceable contracts. It provides details on offer, acceptance, capacity to contract and free consent which are essential elements in the formation of a valid contract.
The document discusses key concepts related to contracts under Indian law including:
1. A contract is defined as an agreement enforceable by law, which requires an offer, acceptance, intention to create a legal relationship, consideration, capacity to contract, and free consent.
2. There are various types of valid and invalid contracts. Valid contracts include absolute, contingent, express, and implied contracts. Invalid contracts include void, voidable, illegal, and unenforceable contracts.
3. Essential elements for a valid contract include offer and acceptance, intention to create a legal relationship, consensus ad idem, consideration, capacity to contract, free consent, legality of object, and possibility of performance.
The document defines various legal concepts related to contracts under Indian law such as offer, acceptance, consideration, capacity and consent. It explains essential elements for a valid contract and different types of contracts. It also discusses concepts like coercion, undue influence, fraud and misrepresentation that can invalidate a contract due to lack of free consent.
The indian contract act, 1872 for classJasdeep Sran
The document discusses Indian contract law. It defines key terms like contract, agreement, offer, acceptance, consideration and consent. It explains essential elements of a valid contract and different types of contracts. It also covers capacity to contract, free consent, coercion, undue influence, fraud, misrepresentation and mistake. Finally, it discusses unlawful and void agreements.
The document discusses key concepts related to contracts under Indian law. It defines terms like contract, agreement, promise, offer, acceptance, consideration, and capacity to contract. It outlines the essential elements of a valid contract and describes different types of contracts such as valid, void, voidable, illegal, and unenforceable contracts. The document also discusses concepts like offer and acceptance in more detail, including rules around revocation, termination, and communication. It covers exceptions to the general rules regarding consideration and capacity to contract.
The document discusses key concepts related to contracts under the Indian Contract Act of 1872, including:
- A contract is defined as an agreement that is enforceable by law. There are essential elements for a valid contract including offer, acceptance, intention to create a legal relationship, consideration, capacity to contract, free consent, and legality of object.
- There are different types of contracts such as absolute contracts, contingent contracts, express contracts, implied contracts, valid contracts, and invalid contracts.
- An offer is a proposal made with intention to create a legal relationship, and there are different types of offers. Acceptance must meet certain criteria to be valid.
- Consideration refers to something of value that
The document discusses key concepts related to contracts under Indian law, including the Indian Contract Act of 1872. It defines important terms like agreement, promise, offer, acceptance, consideration, and capacity to contract. It outlines essential elements for a valid contract and different types of contracts such as valid, void, illegal, and unenforceable contracts. It also covers concepts like free consent, coercion, undue influence, and misrepresentation that can impact the validity of a contract. In summary, the document provides a comprehensive overview of fundamental contract law principles as defined in the Indian Contract Act.
The document provides an overview of contract law in India according to the Indian Contract Act of 1872. It defines key terms like contract, agreement, offer, acceptance and consideration. It outlines the essential elements for a valid contract and different types of contracts. It also discusses capacity to contract and exceptions for minors and unsound persons. Specific topics covered include offer and acceptance rules, consideration and its exceptions, privity of contract, and rules governing agreements with minors.
This document provides an overview of key concepts from the Indian Contract Act 1872. It begins by listing the names of 6 students who submitted an assignment on legal aspects of business and the Indian Contract Act.
The document then covers various topics in depth, providing definitions and explanations of concepts such as offer, acceptance, consideration, capacity to contract, free consent, and more. It defines different types of contracts such as valid and invalid contracts. It also explains concepts such as coercion and undue influence which can invalidate a contract if consent is not free.
In less than 3 sentences, this document provides an in-depth review of important legal concepts from the Indian Contract Act 1872, as submitted by 6 students in an assignment on this
The document discusses the key concepts in Indian contract law such as contract, agreement, offer, acceptance, consideration, capacity to contract, free consent, and validity of contracts.
Some key points covered are:
1. A contract is an agreement that is enforceable by law. There must be an offer and acceptance, intention to create a legal relationship, consideration, free consent and capacity to contract for an agreement to become a valid contract.
2. Essentials of a valid contract include offer, acceptance, intention to create legal relations, consideration, capacity of parties, free consent, lawful object and possibility of performance.
3. Consent is said to be free only when not caused by coercion
The document discusses the key concepts in Indian contract law such as contract, agreement, offer, acceptance, consideration, capacity to contract, free consent, and validity of contracts.
Some key points covered are:
1. A contract is an agreement that is enforceable by law. There must be an offer and acceptance, intention to create a legal relationship, consideration, free consent and capacity to contract for an agreement to become a valid contract.
2. Consideration refers to something of value that is exchanged by both parties. It can be in many forms as long as it induces the promise.
3. For a valid contract, the parties must have free consent without any coercion, undue influence or
The indian-contract-act-1872 by Neeraj Bhandari ( Surkhet.Nepal )Neeraj Bhandari
The document discusses the key concepts in Indian contract law such as contract, agreement, offer, acceptance, consideration, capacity to contract, free consent, and validity of contracts.
Some key points covered are:
1. A contract is an agreement that is enforceable by law. There must be an offer and acceptance, intention to create a legal relationship, consideration, free consent and capacity to contract for an agreement to become a valid contract.
2. Essentials of a valid contract include offer, acceptance, intention to create legal relations, consideration, capacity of parties, free consent, lawful object and possibility of performance.
3. Consent is said to be free only when not caused by coercion
The document discusses the key concepts in Indian contract law such as contract, agreement, offer, acceptance, consideration, capacity to contract, free consent, and validity of contracts.
Some key points covered are:
1. A contract is an agreement that is enforceable by law. There must be an offer and acceptance, intention to create a legal relationship, consideration, free consent and capacity to contract for an agreement to become a valid contract.
2. Essentials of a valid contract include offer, acceptance, intention to create legal relations, consideration, capacity of parties, free consent, lawful object and possibility of performance.
3. Consent is said to be free only when not caused by coercion
The document discusses key concepts related to contracts under Indian law, including the definition of a contract, agreement, offer, acceptance, consideration, capacity to contract, and essential elements of a valid contract. It provides definitions and explanations for various types of contracts such as express and implied contracts, absolute and contingent contracts, and more. It also outlines legal rules pertaining to offer, acceptance, consideration, and capacity to contract. The document serves as a comprehensive overview of contract law fundamentals under the Indian Contract Act of 1872.
There are several ways a contract can be discharged including performance, agreement/consent, impossibility, lapse of time, operation of law, and breach. Performance discharges a contract when both parties fulfill their contractual promises. Discharge by agreement/consent occurs when parties mutually agree to cancel or modify the contract terms through novation, rescission, or alteration. Impossibility discharges a contract when unforeseen circumstances make performance impossible. Lapse of time, such as the expiration of a time limit, also discharges contracts. Operation of law discharges certain contracts through factors like death, insolvency, or merger. Breach by one party discharges the obligations of the other party.
BCom Semester 1 Indian Contract Act 1872 संविदा अधिनियम के बारे मेFaizu21
This document defines key terms related to contracts under Indian law. It defines a contract as an agreement that is enforceable by law. It outlines the essential elements required for a valid contract, including offer and acceptance, intention to create a legal relationship, consensus between the parties, consideration, capacity to contract, free consent, legality of purpose, and possibility of performance. It also discusses different types of contracts like absolute versus contingent and express versus implied. Finally, it covers requirements around offer, acceptance, consideration and capacity to enter into a contract under Indian law.
This document provides an overview of contract law in India according to the Indian Contract Act of 1872. It defines key terms related to contracts such as agreement, promise, offer, acceptance and consideration. It outlines the essential elements required for a valid contract, including offer and acceptance, intention to create a legal relationship, consensus, consideration, capacity to contract, free consent, legality of object, possibility of performance, and writing and registration. It also discusses different types of contracts such as valid, invalid, express, implied, absolute, contingent, executed and executory contracts. Finally, it covers important aspects related to capacity to contract, including rules around minors and unsound persons entering into agreements.
The document discusses key concepts in contract law under the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. The essential elements of a valid contract are offer and acceptance, intention to create a legal relationship, consensus between the parties, consideration, capacity to contract, free consent, legality of purpose, and possibility of performance. It also discusses different types of contracts such as express versus implied contracts, absolute versus contingent contracts, and valid versus invalid contracts. It provides details on important concepts like offer, acceptance, consideration, and capacity to contract.
The document discusses key concepts in contract law under the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. The essential elements of a valid contract are offer and acceptance, intention to create a legal relationship, consensus between the parties, consideration, capacity to contract, free consent, legality of purpose, and possibility of performance. It also discusses different types of contracts such as express versus implied contracts, absolute versus contingent contracts, and valid versus invalid contracts. Key terms like offer, acceptance, and consideration are also defined in detail according to the Act.
The document discusses key concepts in contract law under the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. The essential elements of a valid contract are offer and acceptance, intention to create a legal relationship, consensus between the parties, consideration, capacity to contract, free consent, legality of purpose, and possibility of performance. It also discusses different types of contracts such as express versus implied contracts, absolute versus contingent contracts, and valid versus invalid contracts. It provides details on concepts like offer, acceptance, consideration, and capacity to contract.
Business law for the students of undergraduate level. The presentation contains the summary of all the chapters under the syllabus of State University, Contract Act, Sale of Goods Act, Negotiable Instrument Act, Partnership Act, Limited Liability Act, Consumer Protection Act.
The document discusses key concepts related to contracts under Indian law including:
1. A contract is defined as an agreement enforceable by law, which requires an offer, acceptance, intention to create a legal relationship, consideration, capacity to contract, and free consent.
2. There are various types of valid and invalid contracts. Valid contracts include absolute, contingent, express, and implied contracts. Invalid contracts include void, voidable, illegal, and unenforceable contracts.
3. Essential elements for a valid contract include offer and acceptance, intention to create a legal relationship, consensus ad idem, consideration, capacity to contract, free consent, legality of object, and possibility of performance.
The document defines various legal concepts related to contracts under Indian law such as offer, acceptance, consideration, capacity and consent. It explains essential elements for a valid contract and different types of contracts. It also discusses concepts like coercion, undue influence, fraud and misrepresentation that can invalidate a contract due to lack of free consent.
The indian contract act, 1872 for classJasdeep Sran
The document discusses Indian contract law. It defines key terms like contract, agreement, offer, acceptance, consideration and consent. It explains essential elements of a valid contract and different types of contracts. It also covers capacity to contract, free consent, coercion, undue influence, fraud, misrepresentation and mistake. Finally, it discusses unlawful and void agreements.
The document discusses key concepts related to contracts under Indian law. It defines terms like contract, agreement, promise, offer, acceptance, consideration, and capacity to contract. It outlines the essential elements of a valid contract and describes different types of contracts such as valid, void, voidable, illegal, and unenforceable contracts. The document also discusses concepts like offer and acceptance in more detail, including rules around revocation, termination, and communication. It covers exceptions to the general rules regarding consideration and capacity to contract.
The document discusses key concepts related to contracts under the Indian Contract Act of 1872, including:
- A contract is defined as an agreement that is enforceable by law. There are essential elements for a valid contract including offer, acceptance, intention to create a legal relationship, consideration, capacity to contract, free consent, and legality of object.
- There are different types of contracts such as absolute contracts, contingent contracts, express contracts, implied contracts, valid contracts, and invalid contracts.
- An offer is a proposal made with intention to create a legal relationship, and there are different types of offers. Acceptance must meet certain criteria to be valid.
- Consideration refers to something of value that
The document discusses key concepts related to contracts under Indian law, including the Indian Contract Act of 1872. It defines important terms like agreement, promise, offer, acceptance, consideration, and capacity to contract. It outlines essential elements for a valid contract and different types of contracts such as valid, void, illegal, and unenforceable contracts. It also covers concepts like free consent, coercion, undue influence, and misrepresentation that can impact the validity of a contract. In summary, the document provides a comprehensive overview of fundamental contract law principles as defined in the Indian Contract Act.
The document provides an overview of contract law in India according to the Indian Contract Act of 1872. It defines key terms like contract, agreement, offer, acceptance and consideration. It outlines the essential elements for a valid contract and different types of contracts. It also discusses capacity to contract and exceptions for minors and unsound persons. Specific topics covered include offer and acceptance rules, consideration and its exceptions, privity of contract, and rules governing agreements with minors.
This document provides an overview of key concepts from the Indian Contract Act 1872. It begins by listing the names of 6 students who submitted an assignment on legal aspects of business and the Indian Contract Act.
The document then covers various topics in depth, providing definitions and explanations of concepts such as offer, acceptance, consideration, capacity to contract, free consent, and more. It defines different types of contracts such as valid and invalid contracts. It also explains concepts such as coercion and undue influence which can invalidate a contract if consent is not free.
In less than 3 sentences, this document provides an in-depth review of important legal concepts from the Indian Contract Act 1872, as submitted by 6 students in an assignment on this
The document discusses the key concepts in Indian contract law such as contract, agreement, offer, acceptance, consideration, capacity to contract, free consent, and validity of contracts.
Some key points covered are:
1. A contract is an agreement that is enforceable by law. There must be an offer and acceptance, intention to create a legal relationship, consideration, free consent and capacity to contract for an agreement to become a valid contract.
2. Essentials of a valid contract include offer, acceptance, intention to create legal relations, consideration, capacity of parties, free consent, lawful object and possibility of performance.
3. Consent is said to be free only when not caused by coercion
The document discusses the key concepts in Indian contract law such as contract, agreement, offer, acceptance, consideration, capacity to contract, free consent, and validity of contracts.
Some key points covered are:
1. A contract is an agreement that is enforceable by law. There must be an offer and acceptance, intention to create a legal relationship, consideration, free consent and capacity to contract for an agreement to become a valid contract.
2. Consideration refers to something of value that is exchanged by both parties. It can be in many forms as long as it induces the promise.
3. For a valid contract, the parties must have free consent without any coercion, undue influence or
The indian-contract-act-1872 by Neeraj Bhandari ( Surkhet.Nepal )Neeraj Bhandari
The document discusses the key concepts in Indian contract law such as contract, agreement, offer, acceptance, consideration, capacity to contract, free consent, and validity of contracts.
Some key points covered are:
1. A contract is an agreement that is enforceable by law. There must be an offer and acceptance, intention to create a legal relationship, consideration, free consent and capacity to contract for an agreement to become a valid contract.
2. Essentials of a valid contract include offer, acceptance, intention to create legal relations, consideration, capacity of parties, free consent, lawful object and possibility of performance.
3. Consent is said to be free only when not caused by coercion
The document discusses the key concepts in Indian contract law such as contract, agreement, offer, acceptance, consideration, capacity to contract, free consent, and validity of contracts.
Some key points covered are:
1. A contract is an agreement that is enforceable by law. There must be an offer and acceptance, intention to create a legal relationship, consideration, free consent and capacity to contract for an agreement to become a valid contract.
2. Essentials of a valid contract include offer, acceptance, intention to create legal relations, consideration, capacity of parties, free consent, lawful object and possibility of performance.
3. Consent is said to be free only when not caused by coercion
The document discusses key concepts related to contracts under Indian law, including the definition of a contract, agreement, offer, acceptance, consideration, capacity to contract, and essential elements of a valid contract. It provides definitions and explanations for various types of contracts such as express and implied contracts, absolute and contingent contracts, and more. It also outlines legal rules pertaining to offer, acceptance, consideration, and capacity to contract. The document serves as a comprehensive overview of contract law fundamentals under the Indian Contract Act of 1872.
There are several ways a contract can be discharged including performance, agreement/consent, impossibility, lapse of time, operation of law, and breach. Performance discharges a contract when both parties fulfill their contractual promises. Discharge by agreement/consent occurs when parties mutually agree to cancel or modify the contract terms through novation, rescission, or alteration. Impossibility discharges a contract when unforeseen circumstances make performance impossible. Lapse of time, such as the expiration of a time limit, also discharges contracts. Operation of law discharges certain contracts through factors like death, insolvency, or merger. Breach by one party discharges the obligations of the other party.
BCom Semester 1 Indian Contract Act 1872 संविदा अधिनियम के बारे मेFaizu21
This document defines key terms related to contracts under Indian law. It defines a contract as an agreement that is enforceable by law. It outlines the essential elements required for a valid contract, including offer and acceptance, intention to create a legal relationship, consensus between the parties, consideration, capacity to contract, free consent, legality of purpose, and possibility of performance. It also discusses different types of contracts like absolute versus contingent and express versus implied. Finally, it covers requirements around offer, acceptance, consideration and capacity to enter into a contract under Indian law.
This document provides an overview of contract law in India according to the Indian Contract Act of 1872. It defines key terms related to contracts such as agreement, promise, offer, acceptance and consideration. It outlines the essential elements required for a valid contract, including offer and acceptance, intention to create a legal relationship, consensus, consideration, capacity to contract, free consent, legality of object, possibility of performance, and writing and registration. It also discusses different types of contracts such as valid, invalid, express, implied, absolute, contingent, executed and executory contracts. Finally, it covers important aspects related to capacity to contract, including rules around minors and unsound persons entering into agreements.
The document discusses key concepts in contract law under the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. The essential elements of a valid contract are offer and acceptance, intention to create a legal relationship, consensus between the parties, consideration, capacity to contract, free consent, legality of purpose, and possibility of performance. It also discusses different types of contracts such as express versus implied contracts, absolute versus contingent contracts, and valid versus invalid contracts. It provides details on important concepts like offer, acceptance, consideration, and capacity to contract.
The document discusses key concepts in contract law under the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. The essential elements of a valid contract are offer and acceptance, intention to create a legal relationship, consensus between the parties, consideration, capacity to contract, free consent, legality of purpose, and possibility of performance. It also discusses different types of contracts such as express versus implied contracts, absolute versus contingent contracts, and valid versus invalid contracts. Key terms like offer, acceptance, and consideration are also defined in detail according to the Act.
The document discusses key concepts in contract law under the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. The essential elements of a valid contract are offer and acceptance, intention to create a legal relationship, consensus between the parties, consideration, capacity to contract, free consent, legality of purpose, and possibility of performance. It also discusses different types of contracts such as express versus implied contracts, absolute versus contingent contracts, and valid versus invalid contracts. It provides details on concepts like offer, acceptance, consideration, and capacity to contract.
Business law for the students of undergraduate level. The presentation contains the summary of all the chapters under the syllabus of State University, Contract Act, Sale of Goods Act, Negotiable Instrument Act, Partnership Act, Limited Liability Act, Consumer Protection Act.
Sangyun Lee, 'Why Korea's Merger Control Occasionally Fails: A Public Choice ...Sangyun Lee
Presentation slides for a session held on June 4, 2024, at Kyoto University. This presentation is based on the presenter’s recent paper, coauthored with Hwang Lee, Professor, Korea University, with the same title, published in the Journal of Business Administration & Law, Volume 34, No. 2 (April 2024). The paper, written in Korean, is available at <https://shorturl.at/GCWcI>.
सुप्रीम कोर्ट ने यह भी माना था कि मजिस्ट्रेट का यह कर्तव्य है कि वह सुनिश्चित करे कि अधिकारी पीएमएलए के तहत निर्धारित प्रक्रिया के साथ-साथ संवैधानिक सुरक्षा उपायों का भी उचित रूप से पालन करें।
Lifting the Corporate Veil. Power Point Presentationseri bangash
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
Guide on the use of Artificial Intelligence-based tools by lawyers and law fi...Massimo Talia
This guide aims to provide information on how lawyers will be able to use the opportunities provided by AI tools and how such tools could help the business processes of small firms. Its objective is to provide lawyers with some background to understand what they can and cannot realistically expect from these products. This guide aims to give a reference point for small law practices in the EU
against which they can evaluate those classes of AI applications that are probably the most relevant for them.
This document briefly explains the June compliance calendar 2024 with income tax returns, PF, ESI, and important due dates, forms to be filled out, periods, and who should file them?.
The Future of Criminal Defense Lawyer in India.pdfveteranlegal
https://veteranlegal.in/defense-lawyer-in-india/ | Criminal defense Lawyer in India has always been a vital aspect of the country's legal system. As defenders of justice, criminal Defense Lawyer play a critical role in ensuring that individuals accused of crimes receive a fair trial and that their constitutional rights are protected. As India evolves socially, economically, and technologically, the role and future of criminal Defense Lawyer are also undergoing significant changes. This comprehensive blog explores the current landscape, challenges, technological advancements, and prospects for criminal Defense Lawyer in India.
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
Receivership and liquidation Accounts
Being a Paper Presented at Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) on Friday, August 18, 2023.
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The legal profession, which has historically been male-dominated, has experienced a significant increase in the number of women entering the field over the past few decades. Despite this progress, women lawyers continue to encounter various challenges as they strive for top positions.
Genocide in International Criminal Law.pptxMasoudZamani13
Excited to share insights from my recent presentation on genocide! 💡 In light of ongoing debates, it's crucial to delve into the nuances of this grave crime.
3. CONTRACT - According to sec.2(h),
An agreement enforceable by Law is a
contract.
AGREEMENT - According to sec.2(e),
Every promise and set of promises
forming the consideration for each other.
In short, agreement = offer + acceptance.
PROMISE - According to sec.2(b),
A Proposal when accepted becomes a
promise. In simple words, when an offer is
accepted it becomes promise.
4. OFFER - According to Sec.2(a), when a
person made a proposal, when he signifies
to another his willingness to do or to abstain
from doing something.
AGREEMENT = OFFER +
ACCEPTANCE
CONSENSUS - AD – IDEM-
According to Sec.13, meeting of minds or
identity of minds or receiving the same thing
in same sense at same time.
6. ESSENTIAL ELEMENTS OF A
VALID CONTRACT (Sec.10)
1.Offer & acceptance.
2.Intention to create legal relationship.
3.Lawful Consideration.
4.Capacity to contract:
Section 11:- of the Indian contract Act specify that
every person is competent to contract provided.
(i) Is of the age of majority according to the Law
which he is subject, and
(ii) Who is of sound mind and
(iii) Is not disqualified from contracting by any law
to which he is subject.
7. ESSENTIAL ELEMENTS OF A VALID
CONTRACT (Sec.10)
5.Free consent (Consensus - ad - idem.)
6.Legality of object.
7.Possibility of performance.
8.Writing & registration.
10. Example: A stops a taxi by waving his hand and takes his seat. There is an
implied contract that A will pay the prescribed fare.
11. Example: An agreement which is required to be stamped will be
unenforceable if the same is not stamped at all or is under stamped.
12.
13.
14. OFFER
According to Sec.2(a), When one person signifies to another his
willingness to do or to abstain from doing anything, with a view
to obtaining the assent of that other person either to such act
or abstinence, he is said to make a proposal.
15. TYPES OF OFFER
Express offer
Implied offer
Specific offer
General offer
Cross offer
Counter offer
Standing offer
16. Express offer - When offer is given to
another person either in writing or in oral.
Implied offer - When offer is given to
another person neither in writing nor in oral.
Specific offer - When offer is given to a
specific person.
General offer - When offer is given to
entire world at a large.(Carlill Vs. Carbolic
smoke ball Co.,)
17. Cross offer - When both the persons are making
identical offers to each other in ignorance of other’s
offer.
Example : A offers by a letter to sell 100 tons of steel at
Rs.1,000 per ton. On the same day, B also writes to A
offering to buy 100 tons of steel at Rs.1,000 per ton.
Counter offer - When both the persons are making
offers to each other which are not identical in
ignorance of other’s offer.
Standing offer -
An offer is allowed to remain open for acceptance over a
period of time is known as standing, open or continually
offer. Tender for supply of goods is a kind of standing offer.
18. LAPSE OF AN OFFER
1. By communication of notice of revocation
2. By lapse of time
3. By failure to accept condition precedent
4. By the death or insanity of the offeror
5. By counter – offer by the offeree
6. By rejection of offer by the offeree
7. By change in law
20. ACCEPTANCE
According to sec.2(b), when a
person made a proposal to
another to whom proposal is
made, if proposal is assented
there to, it is called acceptance.
21. LEGAL RULES FOR ACCEPTANCE
• Acceptance must be given as per
the mode prescribed by the offerer.
• Acceptance must be given before
the lapse of time or within
reasonable time.
• Acceptance must be unconditional.
• Acceptance may be given by any
person in case of general offer.
22. • Acceptance may be given by any
specific person in case of specific offer.
• Acceptance must be communicated.
(Bordgon Vs. Metropolitan Rly. Co.)
• Mental acceptance is no acceptance
or acceptance must not be derived from
silence.
•.
24. According to sec 2(d)
when at the desire of the Promisor, the promisee or any other
person.
(a) has done or abstained from doing , or [Past consideration]
(b) does or abstains from doing, or [Present consideration]
(c) promises to do or abstain from doing something [Future
consideration ] such act or abstinence or promise is called a
consideration for the promise.
CONSIDERATION
When a party to an agreement promises to do something
he must get “something” in return. This “something in
Return” is defined as consideration.
Example
‘P’ aggress to sell his car to ‗Q‘ for Rs.50,000 Here ‗Q‘s Promise to pay
Rs50,000 is the consideration for P‘s promise and ‗P‘s promise to sell the
car is the consideration for ‗Q‘s promise to pay Rs.50,000.
25. LEGAL RULES AS TO CONSIDERATION
1)It must move at the desire of the promisor.
[Durga Prasad v. Baldeo ]
2)It may move by the promisee .
[Chinnaya v. Ramayya ]
3)It must be past, present or future .
4)It need not be adequate .
5)It must be real .
6)It must not be illegal , immoral or opposed
to public policy .
26. Contract without consideration is
void – Exceptions
Love & affection . [Venkataswamy v. Rangaswamy]
Compensation for voluntary service .
Promise to pay a time – barred debt .
Completed gift .
Agency sec (185) .
Charity .
Contract of bailment sec(148 ) .
27. No consideration no contract
[Abdul Aziz v. Masum Ali]
[Kedarnath v. Gauri Mohamed ]
29. Capacity to contract
Following are the condition for a person to
enter into contract-
He must be major
He must be sound mind
He must not be disqualified by any other
law.
31. Minor
According to Indian majority act sec(3)
minor is defined as any person under the
age of 18 years . In the following cases a
person is said to be minor if he does not
complete the age of 21 years
a) any person under the guardian & wards
act ,1890
b)any person which comes under
superintendence of law/legal representative
32. Legal rules
An agreement with minor is void
ab initio
[Mohiri Bibi v. Dharmadas Ghase]
Minor can be promisee
[Shrafat Ali v. Noor Mohd]
Minor cannot ratify his agreement
on attaining the age of majority
[Indra Ramaswamy v. Anthiappa
Chettier]
33. Minor as a shareholder ,
Minor as a partner,
Minor as a agent ,
Minor as a member of trade union ,
He can plead his minority ,
He can enter into contract for his
necessary
[Robert v. Gray ]
On behalf of minor his parents ,
guardian or any other person can enter
into void contract to acquire movable
property.
34. Unsound person
According to sec(12) a person
generally sound , occasionally
unsound can enter into a contract
when he of sound mind
A person generally unsound
occasionally sound can enter onto
contract when he is sound mind .
35. Persons of unsound mind
1)Lunatic ,
2)Idiots ,
3)Drunken or intoxicated persons.
36. Lunatic is not permanently of unsound
mind. He can enter into contract during
lucid intervals i.e., during period when he is
of sound mind.
An idiot: An idiot is a person who is
congenital (by birth) unsound mind. His
incapacity is permanent and therefore he can
never understand contract and make a
rational judgment as to its effects upon his
interest. Consequently, the agreement of an
idiot is absolutely void ab initio.
37. Drunken person: An agreement made by
intoxicated person is void.
Hypnotized persons: Hypnotism produces
temporary incapacity till a person is under
the effect of artificial induced sleep.
Mental decay There may be mental decay or
senile mind the to old age or poor health.
When such person is not capable of
understanding the contract and its effect
upon his interest, he cannot enter into
contract.
38. Alien enemy: An alien‘ is a person who is a foreigner to
the land. He may be either an ‗alien friend‘ or an ‗alien
enemy. If the sovereign or state of the alien is at peace
with the country of his stay, he is an alien friend. An if a
war is declared between the two countries he is termed
as an alien enemy.
Foreign sovereigns, diplomatic staff and representative
of foreign staff can enter into valid contract. However, a
suit cannot be filed against them, in the Indian counts
without the prior sanction of the central Government.
39. Convict can‘t enter into a contract while he is
undergoing imprisonment. But he can enter into a
contract with permission of central government while
undergoing imprisonment. After the imprisonment is
over, be becomes capable of entering into contract.
Thus the incapacity is only during the period of
sentence.
Body corporate or company or corporation
Contractual capacity of company is determined by
object clause of its memorandum of association. Any
act done in excess of power given is ultra – virus and
hence void.
Insolvent When any person is declared as an insolvent,
his property vests in receiver and therefore, he can‘t enter
into contract relating to his property.
40. FREE CONSENT
According to section 13. Two persons are
said to have consented when they agree
upon same thing in the same sense. It is
called consensus – ad – idem.
When there is no consent at all, the
agreement is void – ab – initio. But when
there is an option to either party it will
make contract voidable. Consent is said to
be free when it is not caused by the
following conditions:
42. Coercion [Section 15]:
(a) Committing any act which is forbidden
by the IPC
(b) Threatening to commit any act which is
forbidden by the IPC.
(c) Unlawful detaining of any property or
(d) Threatening to detain any property.
43. Essential elements of coercion
coercion need not necessary proceed from
party to contract.
Coercion need not necessary be directed
against the other contracting party.
It is immaterial whether the IPC is or is not
in force at the time or at the place where
the coercion is employed
44. Undue influence [Section 16]
Meaning of undue influence :- dominating
the will of the other person to obtain an
unfair advantages over the others.
(a) where the relation subsisting between
the parties must be such that one party is
in position to dominate the will of the
other.
(b) The dominant party use his position.
(c) Obtain an unfair advantage over the
other .
45.
46. Fraud (Sec 17)
Sec.17- fraud means any act
committed by a party to a contract
or with his connivance or by his
agent with intent to deceive
another party there to or his agent
or to induce to enter into contract.
47. Essentials of fraud
(a) By a party to the contract
(b) There must be representation – [an opinion a
statement of expression – does not fraud].
(c) The representation must be false.
(d) Before conclusion of contract.
(e) The misrepresentation must be made willfully.
(f) The misrepresentation must be made with a view
to deceive the other party.
(g) The other party must have actually been deceived.
(h) The other party have suffered a loss.
48. Misrepresentation (section 18)
Misrepresentation is when a party (person) asserts something which is not
true though he believes is to be true. In other words misrepresentation is a
false representation made innocently. An agreement is said to be influenced
by misrepresentation if all the following conditions are satisfied.:
(a) The party makes a representation of a fact [The representation by a
stranger (By anyone with his connivance or by agent) to the contract
does not affect the validity of the contract.
(b) The misrepresentation was made innocently i.e. if was not made with
a view to deceive the other party.
(c) The other party has actually acted believing the misrepresent to be
true.
50. Performance of Contracts
That the parties to a contract must either perform or
offer to perform, their respective promises unless
such performance is dispensed with or excused
under the provisions of contract Act, or of any
other law.
Performance: - Two types
1. Actual performance – actually performed –
liability of such a party comes to an end.
2. Attempted performance or tender of
performance: refusal to accept offer of
performance by promise [38]
52. Discharge by performance
(a) Actual performance – no party remains
liable under the contract. Both the parties
performed.
(b) Attempted performance or tender.:-
Promisor offers to perform his obligation
under the contract but the promise refuses
to accept the performance. It is called as
attempted performance or tender of
performance
53. Discharge by mutual agreement
(a) Novation [Sec 62] – Novation means
substitution of a new contract in the place of
the original contract new contract entered into
in consideration of discharge of the old
contract. The new contract may be.
Between the same parties (by change in the
terms and condition)
Between different parties (the term and
condition remains same or changed)
54. Discharge by mutual agreement
(b) Rescission [62]:- Rescission means cancellation of the
contract by any party or all the parties to a contract. X promises
Y to sell and deliver 100 bales of cotton on 1st oct his go down
and Y promises to pay for goods on 1st Nov. X does not supply
the goods. Y may rescind the contract.
(c) Alteration [62] :- Alteration means a change in one or more
of the terms of a contracts with mutual consent of parties the
parties of new contracts remains the same.
Ex:- X Promises to sell and delivers 100 bales of cotton on 1st
oct. and Y promises to pay for goods on 1st Nov. Afterwards X
and Y mutually decide that the goods shall be delivered in five
equal installments at is godown . Here original contract has been
discharged and a new contract has come into effect.
55. Discharge by mutual agreement
(d) Remission [63]:- Remission means
accepting a lesser consideration than
agreed in the contract. No consideration is
necessary for remission.
(e) Waiver:- Mutual Abandonment of rights
is called waiver.
(f) Merger :- conversion of an inferior right
into a superior right is called as merger.
57. Discharge by Lapse of time
Discharge by Breach of contract
(a) Anticipatory Breach of contract :- Anticipatory breach of contract occurs
when the part declares his intention of not performing the contract before the
performance is due .
(i) Express repudiation: - A agrees to supply B 100 tons of specified category of
iron on 15.01.2006 on 31.12.2005. A express his unwillingness to supply the iron
to B.
(ii) Partly disables himself: - Implied by conduct.
Ex.:- A agrees to sell his fiat car to B on 15.01.2006 on 31.12.05 A sells his fiat
car to T.
(b) Actual Breach of contract :- If party fails or neglects or refuses to perform
his obligation on the due date of performance or during performance. It is
called as actual breach.
58. Discharge by Impossibility performance
1. Initial Impossibility: When the parties entered into
the contract and does not know about the subject
matter that they cannot enter into, known as initial
impossibility. For ex: A and B enter into contract
to supply Chemical X which is already banned by
Govt.
2. supervening. Impossibility:
Where an act becomes impossible after the contract
is made – void
Becomes unlawful, beyond the control of promisor –
void
60. REMEDIES FOR THE BREACH OF CONTRACT
RESCISSION OF CONTRACT – SEC 39
It means right to party to cancel contract.
In case of breach of contract, other party may
rescind contract.
Effect of Rescission of Contract
Aggrieved party is not required to perform
his part of obligation under contract.
Aggrieved party claims compensation for
any loss.
61. REMEDIES FOR THE BREACH OF CONTRACT
SUIT FOR DAMAGES
It means monetary compensation allowed for loss.
Purpose is to compensate aggrieved party and not to
punish party as fault.
Suit for Specific Performance
When is specific performance allowed?
Where actual damages arising from breach is not
measurable.
Where monetary compensation is not adequate
remedy.
62. REMEDIES FOR THE BREACH OF CONTRACT
Suit for Injunction
It means stay order granted by court. This order
prohibits a person to do particular act. Where
there is breach of contract by one party and
order, of specific performance is not granted by
court, injunction may be granted.
Example: Film actress agreed to act exclusively
for W for a year and for no one else. During the
year she contracted to act for Z. Now W can take
Injunction against film actress and prevent her to
perform for anyone else.
63. QUASI CONTRACT
Quasi contract is “Not At All A Contract”. It
means a contract which lacks one or more of
the essentials of a contract. Quasi contract are
declared by law as valid contracts on the basis
of principles of equity i.e. no person shall be
allowed to enrich himself at the expense of
another, the legal obligations of parties
remains same.
64.
65. Sec. 68: If a person, incapable of entering
into a contract, or anyone whom he is
legally bound to support, is supplied by
another person, with necessaries suited to
his condition in life, the person who has
furnished such supplies is entitled to be
reimbursed from the property of such
incapable person.
66. Reimbursement of money due: Sec. 69; A person,
who is interested in the payment of money and
pays such money, which another is bound by
low to pay, is entitled to be reimbursed by the
other.
Obligation to pay for benefit out of non –
gratuitous act: Sec.70 : Where a person, lawfully
does anything for another person, or delivers
anything to him; not intending to do so
gratuitously, and such other person enjoys the
benefits thereof, then he is bound to make
compensation to the other in respect of, or to
restore the thing so done or delivered.
67. Finder of Goods [71] A person who finds goods belonging
to another and takes them into custody, is subject to the
same responsibility as a Bailee. A finder of goods has same
rights and duties at that of bailee.
Duty to take reasonable care of the goods
Duty not to use the goods for his own purpose.
Duty not to mix the goods with own goods Right to recover
expenses, reward, sell the goods
Ex.:- X a guest found a diamond ring at a birthday party of
Y. X told Y and other guests about it. He has performed his
duty to find the own. If he is not able to find the owner he
can retain the ring as bales.
Money paid under a mistake or conversion [72] Sec. 72: A
person to whom money has been paid, or anything
delivered by mistake or under coercion, must repay or
return it.
68. Quantum Meruit [as much as is earned]
One party preventing the other:- If a party
prevents the other party from completing
his obligation under the contract the
aggrieved party may claim payment on
quantum merit for the part of contract
already performed by him.