Nature and Type of Contracts
Contract
 Section 2(b) defines promise in these words
” when the person to whom the proposal is made
signifies his assent...
Essential elements of a valid contract
 Proposal and acceptance
 Consideration-lawful consideration with a lawful object...
Void contract
It is a contract without any legal effect and
cannot be enforced in a court of law.
Section 2(j) defines a v...
Contingent contract
The contingent contract is all about happening or not happening
of some future uncertain event .
Rules...
Unlawful/Illegal contract
It is a contract which the law forbids to be
made.The court will not only enforce such a
contrac...
Uncertain agreement
According to Sec 29 “agreements, the
meaning of which is not certain, or capable of
being made certain...
Wagering Agreement
It is an agreement involving payment of a
sum of money upon the determination of an
uncertain event.
Th...
Bibliography
 Mercantile law- CPT-ICAI
 Business law for management-
K.R.BULCHANDANI
 Element of mercantile law- N.D.KA...
Campus Overview
907/A Uvarshad,
Gandhinagar
Highway,Ahmedabad
– 382422.
Ahmedabad Kolkata
Infinity Benchmark, 10th
Floor, ...
ThankYou
Merchantile law
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Merchantile law

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Merchantile law - Unitedworld School of Business

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Merchantile law

  1. 1. Nature and Type of Contracts
  2. 2. Contract  Section 2(b) defines promise in these words ” 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 & every set of promises, forming the consideration for each other.”  Section 2(h) of the act defines the term contract “as an agreement enforceable by law.”
  3. 3. Essential elements of a valid contract  Proposal and acceptance  Consideration-lawful consideration with a lawful object  Capacity of parties to contract-competent parties  Free consent  An agreement must not be expressly declared to be void  Writing and registration, is so required by law  Legal relationship  Certainty  Possibility of performance  Enforceable by law
  4. 4. Void contract It is a contract without any legal effect and cannot be enforced in a court of law. Section 2(j) defines a void contract as “a contract which ceases to be enforceable by law becomes void when it ceases to be enforceable” Eg- Agreement in restraint of marriage Agreement in restraint of trade
  5. 5. Contingent contract The contingent contract is all about happening or not happening of some future uncertain event . Rules  Contingent contract depends on the happening of an uncertain future event , cannot be forced until the event has happened  If a contingent contract depends for its performance on doing of act by the promissory, the contract becomes void where the promissory makes the performance impossible  If a contingent contract contemplates doing of a thing in a specified event ,happens within a fixed time .It becomes void if the event does not happen within the time.  If a contingent contract contemplates to do anything if an impossible event happens, it is void.
  6. 6. Unlawful/Illegal contract It is a contract which the law forbids to be made.The court will not only enforce such a contract but also connected contracts.All illegal agreements are void but all void contracts are not necessarily illegal. E.g:  Contract to commit crime  Contract to destroy public property
  7. 7. Uncertain agreement According to Sec 29 “agreements, the meaning of which is not certain, or capable of being made certain, are void.” Through this sec the law aims to ensure that the parties to a contract should be aware of the precise nature and scope of their natural rights and obligations under the contract.
  8. 8. Wagering Agreement It is an agreement involving payment of a sum of money upon the determination of an uncertain event. The essence of a wager is that each side should stand to win or lose, depending on the way an uncertain event takes place.
  9. 9. Bibliography  Mercantile law- CPT-ICAI  Business law for management- K.R.BULCHANDANI  Element of mercantile law- N.D.KAPOOR
  10. 10. Campus Overview 907/A Uvarshad, Gandhinagar Highway,Ahmedabad – 382422. Ahmedabad Kolkata Infinity Benchmark, 10th Floor, Plot G1, Block EP & GP, SectorV, Salt-Lake, Kolkata – 700091. Mumbai Goldline Business Centre Linkway Estate, Next to Chincholi Fire Brigade, Malad (West), Mumbai – 400 064.
  11. 11. ThankYou

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