SlideShare ist ein Scribd-Unternehmen logo
1 von 31
Downloaden Sie, um offline zu lesen
THE INDIAN
CONTRACT ACT
1872
BY:
PROF NEHA SAJNANI
The contract act
Law is the rule of conduct imposed by the State
on its citizens which can be enforced either
 By the State against individuals or,
 By individuals against individuals.
Law of contracts is the law of merchants and
law for merchants. It consists of set of basic
principles of business transaction between
parties in a civilized society. .

When there is a dispute in relation to a
business transaction, a commercial suit is
filed. This is solved and decided by
referring to principles provided in a
codified form in the law of contract. .
CONTRACT

DEFINITION &
FORMATION
•

S.2 (h) states “A contract is an
agreement enforceable by law.”
A
contract is formed if:
– There is an agreement and,
– The agreement is enforceable by law.

•

Contract = Agreement + Enforceability .
The contract act
“S.2(e) – An agreement is every promise & every
set
of
promises
forming
the
consideration for each other.
AGREEMENT = PROMISE + CONSIDERATION

“S.2(b) – Proposal when accepted becomes a
promise
PROMISE = OFFER + ACCEPTANCE


RULES OF OFFER:•
•
•
•
•
•
•
•

Must be capable of creating legal relations
Must be certain, definite & not vague
May be express or implied
May be specific or general
Must be communicated
Must be with a view to obtaining the consent of
the offeree
May be conditional
Should not contain a term, the non-compliance
of which would amount to acceptance


RULES OF ACCEPTANCE:•
•
•
•
•
•

Must be absolute & unqualified
Must be communicated to offeror
Must be in the mode prescribed
Must be given before the offer lapses or within
a reasonable time
Mere silence is not acceptance
Acceptance by conduct
The contract act




Enforceability – S.10
“ All agreements are contracts if
they are made by free consent of
parties competent to contract for a
lawful consideration and with a
lawful object and are not hereby
expressly declared to be void. ”
The contract act
CONDITIONS:
1)
2)
3)
4)
5)
6)
7)

There should be lawful offer and lawful
acceptance.
There must be lawful consideration.
The parties should be competent to contract.
There must be free consent of the parties to
the contract.
Their object should be lawful.
Agreement should not be expressly declared
to be void by any other law in force.
To create a legal relationship.
The contract act
DEFINITION – S.2(d)
“When at the desire of the promisor,
the promisee or any other person has
done or abstained from doing or does
or abstains from doing or promises to
do or to abstain from doing, such an
act or abstinence or promise is called
consideration for the promise .”
RULES OF
CONSIDERATION:
1)
2)
3)
4)
5)
6)
7)
8)

Move at the desire of the promisor.
Move from promisee or any other
person.
Executed & executory
Abstinence is valid consideration.
Adequacy of consideration.
May be past, present or future
Performance of what one is legally
bound to perform
Must not be unlawful, immoral or
EXCEPTIONS TO THE RULE OF
CONSIDERATION:
1)
2)
3)
4)
5)

Natural love & affection.
Compensation for past voluntary services.
Time-barred Debt
Agency
Promise to charities
SUIT BY THIRD PARTY ON
AN AGREEMENT:
1)
2)
3)
4)
5)
6)

Trust
Family Settlement
Certain Marriage Contracts
Assignment
Estoppel by Acknowledgment
Covenant by Running with Land
POSITION OF MINOR’S AGREEMENT:An agreement entered into by a minor is altogether
void
Minor can be a beneficiary
Minor can always plead minority
Ratification on attaining majority is not allowed
Contract by guardian – how far enforceable
Liability for necessaries
The contract act
S.13 – Consensus ad idem
S.14 – Consent is said to
be free when it is not
caused by:
• S.15 Coercion
• S.16 Undue Influence
• S.17 Fraud
• S.18 Misrepresentation
• S.20 Mistake
The contract act
Void agreements are those entered
into:

•
•
•
•
•
•
•
•

Due to mistake of fact
By minor
Without lawful consideration
In restraint of trade
In restraint of judicial proceedings
Based on uncertainty
By way of wager
Impossibility of performance
The contract act


DEFINITION 










Discharge of contract means termination of the
contractual relationship between the parties.
The rights and obligations created by the
contract come to an end, the parties to the
contract are said to be discharged.

A contract is said to be discharged –
By performance.
By impossibility of performance.
By agreement or mutual consent.
By lapse of time.
By operation of Law.
By breach of contract.
The contract act
Breach of contract means
breaking of the obligation which
the contract imposes. These are of
two types:-

 Actual Breach of Contract
 Anticipatory Breach of Contract
The contract act


EXPLANATION 

When one of the parties fails to perform his part of
the contract, we say that he commits a breach.



When a contract is broken i.e. breached by one party,
the other party i.e. the aggrieved (injured) party has
one or more of the following remedies:Rescission of the contract.
Suit for damages.
Suit upon ‘Quantum Meruit’
Suit for specific performance.
Injunction.






THE
END !!!

Weitere ähnliche Inhalte

Was ist angesagt?

Key features of Contract law
Key features of Contract  lawKey features of Contract  law
Key features of Contract lawLocus Rags
 
Essentials Of Valid Contract & Its Kinds
Essentials Of Valid Contract & Its KindsEssentials Of Valid Contract & Its Kinds
Essentials Of Valid Contract & Its KindsSelf employed
 
Contracts (CXC - CSEC)
Contracts (CXC - CSEC)Contracts (CXC - CSEC)
Contracts (CXC - CSEC)ry_moore
 
Contracts q
Contracts qContracts q
Contracts qry_moore
 
General principles of contracts (part one)
General principles of contracts (part one)General principles of contracts (part one)
General principles of contracts (part one)Diganth Raj Sehgal
 
Essential of valid contract
Essential of valid contract Essential of valid contract
Essential of valid contract Prachi Porwal
 
Essential of contract
Essential of contractEssential of contract
Essential of contractkbinayakiya
 
Introduction to agreement and contract
Introduction to agreement and contractIntroduction to agreement and contract
Introduction to agreement and contractShivani Sharma
 
Contract Act 1872 - Business Law
Contract Act 1872 - Business LawContract Act 1872 - Business Law
Contract Act 1872 - Business LawFaHaD .H. NooR
 
Case Studies-Types of Business Contract
Case Studies-Types of Business ContractCase Studies-Types of Business Contract
Case Studies-Types of Business ContractMuhammad Asif Khan
 
The importance of consent to make a contract by roll no. 76 tanvi pulekar
The importance of consent to make a contract  by roll no. 76 tanvi pulekarThe importance of consent to make a contract  by roll no. 76 tanvi pulekar
The importance of consent to make a contract by roll no. 76 tanvi pulekarTanviPulekar1
 
Capacity to Contract
Capacity to ContractCapacity to Contract
Capacity to Contractairlawacademy
 

Was ist angesagt? (20)

Key features of Contract law
Key features of Contract  lawKey features of Contract  law
Key features of Contract law
 
Essentials Of Valid Contract & Its Kinds
Essentials Of Valid Contract & Its KindsEssentials Of Valid Contract & Its Kinds
Essentials Of Valid Contract & Its Kinds
 
Contracts (CXC - CSEC)
Contracts (CXC - CSEC)Contracts (CXC - CSEC)
Contracts (CXC - CSEC)
 
Contracts q
Contracts qContracts q
Contracts q
 
General principles of contracts (part one)
General principles of contracts (part one)General principles of contracts (part one)
General principles of contracts (part one)
 
Chapter 3
Chapter 3Chapter 3
Chapter 3
 
Essential of valid contract
Essential of valid contract Essential of valid contract
Essential of valid contract
 
Essential of contract
Essential of contractEssential of contract
Essential of contract
 
Introduction to agreement and contract
Introduction to agreement and contractIntroduction to agreement and contract
Introduction to agreement and contract
 
18 contract act
18 contract act18 contract act
18 contract act
 
Merchantile law
Merchantile law Merchantile law
Merchantile law
 
Contract Act 1872 - Business Law
Contract Act 1872 - Business LawContract Act 1872 - Business Law
Contract Act 1872 - Business Law
 
Capacity of parties.
Capacity of parties.Capacity of parties.
Capacity of parties.
 
Law of contract
Law of contract  Law of contract
Law of contract
 
Business law
Business lawBusiness law
Business law
 
Case Studies-Types of Business Contract
Case Studies-Types of Business ContractCase Studies-Types of Business Contract
Case Studies-Types of Business Contract
 
Contract law
Contract lawContract law
Contract law
 
The importance of consent to make a contract by roll no. 76 tanvi pulekar
The importance of consent to make a contract  by roll no. 76 tanvi pulekarThe importance of consent to make a contract  by roll no. 76 tanvi pulekar
The importance of consent to make a contract by roll no. 76 tanvi pulekar
 
Capacity to Contract
Capacity to ContractCapacity to Contract
Capacity to Contract
 
Business law
Business lawBusiness law
Business law
 

Andere mochten auch

Om lect 01(r0-may08)_operations strategy_mms_bharti_sies
Om lect 01(r0-may08)_operations strategy_mms_bharti_siesOm lect 01(r0-may08)_operations strategy_mms_bharti_sies
Om lect 01(r0-may08)_operations strategy_mms_bharti_siesvideoaakash15
 

Andere mochten auch (7)

Om lect 01(r0-may08)_operations strategy_mms_bharti_sies
Om lect 01(r0-may08)_operations strategy_mms_bharti_siesOm lect 01(r0-may08)_operations strategy_mms_bharti_sies
Om lect 01(r0-may08)_operations strategy_mms_bharti_sies
 
research report
research reportresearch report
research report
 
634824334331315452
634824334331315452634824334331315452
634824334331315452
 
Mktg mgmt wrk bk
Mktg mgmt wrk bkMktg mgmt wrk bk
Mktg mgmt wrk bk
 
634747546547583299
634747546547583299634747546547583299
634747546547583299
 
Tn6 facility+layout
Tn6 facility+layoutTn6 facility+layout
Tn6 facility+layout
 
Slhr502 hrm
Slhr502 hrmSlhr502 hrm
Slhr502 hrm
 

Ähnlich wie The contract act

Business legal and Ethics
Business legal and EthicsBusiness legal and Ethics
Business legal and EthicsVenu Pvk
 
Indian Contract Act-Legal Aspects of Business
Indian Contract Act-Legal Aspects of BusinessIndian Contract Act-Legal Aspects of Business
Indian Contract Act-Legal Aspects of BusinessPriyanka Bachkaniwala
 
Contract law lecture - 1 - definition and meaning(terminology)
Contract law   lecture - 1 - definition and meaning(terminology)Contract law   lecture - 1 - definition and meaning(terminology)
Contract law lecture - 1 - definition and meaning(terminology)Dr. Arun Verma
 
indiancontractact1872
indiancontractact1872indiancontractact1872
indiancontractact1872IrfaanMeera1
 
BL after mid sem slides
BL after mid sem slidesBL after mid sem slides
BL after mid sem slidesvishakeb
 
After midsem-slides-1224252673846877-9 nirav
After midsem-slides-1224252673846877-9 niravAfter midsem-slides-1224252673846877-9 nirav
After midsem-slides-1224252673846877-9 niravniravjingar
 
17886416 business-law
17886416 business-law17886416 business-law
17886416 business-lawLALIT MAHATO
 
Indian contract act, 1872
Indian contract act, 1872Indian contract act, 1872
Indian contract act, 1872Preet Gill
 
unit 1 (indian-contract).ppt
unit 1 (indian-contract).pptunit 1 (indian-contract).ppt
unit 1 (indian-contract).pptAnand VA
 
Vikas Rai & Sobhit Jaiswal.pptx
Vikas Rai & Sobhit Jaiswal.pptxVikas Rai & Sobhit Jaiswal.pptx
Vikas Rai & Sobhit Jaiswal.pptxVikasRai405977
 
The indian-contract-act-1872 by Neeraj Bhandari ( Surkhet.Nepal )
The indian-contract-act-1872 by Neeraj Bhandari ( Surkhet.Nepal )The indian-contract-act-1872 by Neeraj Bhandari ( Surkhet.Nepal )
The indian-contract-act-1872 by Neeraj Bhandari ( Surkhet.Nepal )Neeraj Bhandari
 
The indian-contract-act-1872
The indian-contract-act-1872The indian-contract-act-1872
The indian-contract-act-1872ydmisra
 
22914162 the-indian-contract-act-1872
22914162 the-indian-contract-act-187222914162 the-indian-contract-act-1872
22914162 the-indian-contract-act-1872Abhilash Chandra Dey
 
indian contract act-1872
indian contract act-1872indian contract act-1872
indian contract act-1872Ujash Patel
 
BCom Semester 1 Indian Contract Act 1872 संविदा अधिनियम के बारे मे
BCom Semester 1 Indian Contract Act 1872 संविदा अधिनियम के बारे मेBCom Semester 1 Indian Contract Act 1872 संविदा अधिनियम के बारे मे
BCom Semester 1 Indian Contract Act 1872 संविदा अधिनियम के बारे मेFaizu21
 
BBA-SEM-5-MERCANTILE LAW-The Indian contract act,1872
BBA-SEM-5-MERCANTILE LAW-The Indian contract act,1872BBA-SEM-5-MERCANTILE LAW-The Indian contract act,1872
BBA-SEM-5-MERCANTILE LAW-The Indian contract act,1872KU Open Source Education
 
02- Contract- Definition Elements Kinds.pptx
02- Contract- Definition  Elements  Kinds.pptx02- Contract- Definition  Elements  Kinds.pptx
02- Contract- Definition Elements Kinds.pptxAbdullahAlNoman33186
 
Deepak Jain.ppt
Deepak Jain.pptDeepak Jain.ppt
Deepak Jain.pptMbabba2
 

Ähnlich wie The contract act (20)

Business legal and Ethics
Business legal and EthicsBusiness legal and Ethics
Business legal and Ethics
 
U 1_ LBE.pptx
U 1_ LBE.pptxU 1_ LBE.pptx
U 1_ LBE.pptx
 
Indian Contract Act-Legal Aspects of Business
Indian Contract Act-Legal Aspects of BusinessIndian Contract Act-Legal Aspects of Business
Indian Contract Act-Legal Aspects of Business
 
Contract law lecture - 1 - definition and meaning(terminology)
Contract law   lecture - 1 - definition and meaning(terminology)Contract law   lecture - 1 - definition and meaning(terminology)
Contract law lecture - 1 - definition and meaning(terminology)
 
indiancontractact1872
indiancontractact1872indiancontractact1872
indiancontractact1872
 
BL after mid sem slides
BL after mid sem slidesBL after mid sem slides
BL after mid sem slides
 
After midsem-slides-1224252673846877-9 nirav
After midsem-slides-1224252673846877-9 niravAfter midsem-slides-1224252673846877-9 nirav
After midsem-slides-1224252673846877-9 nirav
 
17886416 business-law
17886416 business-law17886416 business-law
17886416 business-law
 
Indian contract act, 1872
Indian contract act, 1872Indian contract act, 1872
Indian contract act, 1872
 
Law chp 1
Law chp 1Law chp 1
Law chp 1
 
unit 1 (indian-contract).ppt
unit 1 (indian-contract).pptunit 1 (indian-contract).ppt
unit 1 (indian-contract).ppt
 
Vikas Rai & Sobhit Jaiswal.pptx
Vikas Rai & Sobhit Jaiswal.pptxVikas Rai & Sobhit Jaiswal.pptx
Vikas Rai & Sobhit Jaiswal.pptx
 
The indian-contract-act-1872 by Neeraj Bhandari ( Surkhet.Nepal )
The indian-contract-act-1872 by Neeraj Bhandari ( Surkhet.Nepal )The indian-contract-act-1872 by Neeraj Bhandari ( Surkhet.Nepal )
The indian-contract-act-1872 by Neeraj Bhandari ( Surkhet.Nepal )
 
The indian-contract-act-1872
The indian-contract-act-1872The indian-contract-act-1872
The indian-contract-act-1872
 
22914162 the-indian-contract-act-1872
22914162 the-indian-contract-act-187222914162 the-indian-contract-act-1872
22914162 the-indian-contract-act-1872
 
indian contract act-1872
indian contract act-1872indian contract act-1872
indian contract act-1872
 
BCom Semester 1 Indian Contract Act 1872 संविदा अधिनियम के बारे मे
BCom Semester 1 Indian Contract Act 1872 संविदा अधिनियम के बारे मेBCom Semester 1 Indian Contract Act 1872 संविदा अधिनियम के बारे मे
BCom Semester 1 Indian Contract Act 1872 संविदा अधिनियम के बारे मे
 
BBA-SEM-5-MERCANTILE LAW-The Indian contract act,1872
BBA-SEM-5-MERCANTILE LAW-The Indian contract act,1872BBA-SEM-5-MERCANTILE LAW-The Indian contract act,1872
BBA-SEM-5-MERCANTILE LAW-The Indian contract act,1872
 
02- Contract- Definition Elements Kinds.pptx
02- Contract- Definition  Elements  Kinds.pptx02- Contract- Definition  Elements  Kinds.pptx
02- Contract- Definition Elements Kinds.pptx
 
Deepak Jain.ppt
Deepak Jain.pptDeepak Jain.ppt
Deepak Jain.ppt
 

Mehr von videoaakash15

Articlesof association
Articlesof associationArticlesof association
Articlesof associationvideoaakash15
 
Allotment of shares vamsi
Allotment of shares vamsiAllotment of shares vamsi
Allotment of shares vamsivideoaakash15
 
Allotment of shares total
Allotment of shares totalAllotment of shares total
Allotment of shares totalvideoaakash15
 
2448661 issue-of-shares
2448661 issue-of-shares2448661 issue-of-shares
2448661 issue-of-sharesvideoaakash15
 
87099 19849-book bulding process
87099 19849-book bulding process87099 19849-book bulding process
87099 19849-book bulding processvideoaakash15
 
Ultravires. cons.notice & indoor
Ultravires. cons.notice & indoorUltravires. cons.notice & indoor
Ultravires. cons.notice & indoorvideoaakash15
 
Procedure for incorporating a public limited company
Procedure for incorporating a public limited companyProcedure for incorporating a public limited company
Procedure for incorporating a public limited companyvideoaakash15
 
Minor as a member of a limited company
Minor as a member of a limited companyMinor as a member of a limited company
Minor as a member of a limited companyvideoaakash15
 
Mergers and amalgamations
Mergers and amalgamationsMergers and amalgamations
Mergers and amalgamationsvideoaakash15
 
Legal environment of business
Legal environment of businessLegal environment of business
Legal environment of businessvideoaakash15
 
Law of special contracts
Law of special contractsLaw of special contracts
Law of special contractsvideoaakash15
 
Introduction to legal frame work
Introduction to legal frame workIntroduction to legal frame work
Introduction to legal frame workvideoaakash15
 
Exhaus comp old form
Exhaus comp old formExhaus comp old form
Exhaus comp old formvideoaakash15
 

Mehr von videoaakash15 (20)

Articlesof association
Articlesof associationArticlesof association
Articlesof association
 
Allotment shares
Allotment sharesAllotment shares
Allotment shares
 
Ca
CaCa
Ca
 
Allotment of shares vamsi
Allotment of shares vamsiAllotment of shares vamsi
Allotment of shares vamsi
 
Allotment of shares total
Allotment of shares totalAllotment of shares total
Allotment of shares total
 
2448661 issue-of-shares
2448661 issue-of-shares2448661 issue-of-shares
2448661 issue-of-shares
 
87099 19849-book bulding process
87099 19849-book bulding process87099 19849-book bulding process
87099 19849-book bulding process
 
Ultravires. cons.notice & indoor
Ultravires. cons.notice & indoorUltravires. cons.notice & indoor
Ultravires. cons.notice & indoor
 
Procedure for incorporating a public limited company
Procedure for incorporating a public limited companyProcedure for incorporating a public limited company
Procedure for incorporating a public limited company
 
Notes on wto etc
Notes on wto etcNotes on wto etc
Notes on wto etc
 
Mms la12corsout
Mms la12corsoutMms la12corsout
Mms la12corsout
 
Minor as a member of a limited company
Minor as a member of a limited companyMinor as a member of a limited company
Minor as a member of a limited company
 
Mergers and amalgamations
Mergers and amalgamationsMergers and amalgamations
Mergers and amalgamations
 
Legal environment of business
Legal environment of businessLegal environment of business
Legal environment of business
 
Law of special contracts
Law of special contractsLaw of special contracts
Law of special contracts
 
It act,2000 note
It act,2000 noteIt act,2000 note
It act,2000 note
 
Ipr notes
Ipr notesIpr notes
Ipr notes
 
Introduction to legal frame work
Introduction to legal frame workIntroduction to legal frame work
Introduction to legal frame work
 
Exhaus comp old form
Exhaus comp old formExhaus comp old form
Exhaus comp old form
 
D mat
D matD mat
D mat
 

Kürzlich hochgeladen

NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023Steve Rader
 
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfTalent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfCharles Cotter, PhD
 
Entrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsEntrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsP&CO
 
Intellectual Property Licensing Examples
Intellectual Property Licensing ExamplesIntellectual Property Licensing Examples
Intellectual Property Licensing Examplesamberjiles31
 
Lecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb toLecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb toumarfarooquejamali32
 
Live-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry WebinarLive-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry WebinarNathanielSchmuck
 
Chapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptx
Chapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptxChapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptx
Chapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptxesiyasmengesha
 
Developing Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursDeveloping Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursKaiNexus
 
Project Brief & Information Architecture Report
Project Brief & Information Architecture ReportProject Brief & Information Architecture Report
Project Brief & Information Architecture Reportamberjiles31
 
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdf
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdfGraham and Doddsville - Issue 1 - Winter 2006 (1).pdf
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdfAnhNguyen97152
 
PDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfPDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfHajeJanKamps
 
Upgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsUpgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsIntellect Design Arena Ltd
 
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfPDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfHajeJanKamps
 
7movierulz.uk
7movierulz.uk7movierulz.uk
7movierulz.ukaroemirsr
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access
 
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessQ2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessAPCO
 
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBBPMedia1
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access
 
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfAMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfJohnCarloValencia4
 
Data skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story pointsData skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story pointsyasinnathani
 

Kürzlich hochgeladen (20)

NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023
 
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfTalent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
 
Entrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsEntrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizations
 
Intellectual Property Licensing Examples
Intellectual Property Licensing ExamplesIntellectual Property Licensing Examples
Intellectual Property Licensing Examples
 
Lecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb toLecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb to
 
Live-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry WebinarLive-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry Webinar
 
Chapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptx
Chapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptxChapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptx
Chapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptx
 
Developing Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursDeveloping Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, Ours
 
Project Brief & Information Architecture Report
Project Brief & Information Architecture ReportProject Brief & Information Architecture Report
Project Brief & Information Architecture Report
 
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdf
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdfGraham and Doddsville - Issue 1 - Winter 2006 (1).pdf
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdf
 
PDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfPDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdf
 
Upgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsUpgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking Applications
 
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfPDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
 
7movierulz.uk
7movierulz.uk7movierulz.uk
7movierulz.uk
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024
 
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessQ2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
 
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024
 
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfAMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
 
Data skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story pointsData skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story points
 

The contract act

  • 4. Law is the rule of conduct imposed by the State on its citizens which can be enforced either  By the State against individuals or,  By individuals against individuals. Law of contracts is the law of merchants and law for merchants. It consists of set of basic principles of business transaction between parties in a civilized society. . When there is a dispute in relation to a business transaction, a commercial suit is filed. This is solved and decided by referring to principles provided in a codified form in the law of contract. .
  • 6. • S.2 (h) states “A contract is an agreement enforceable by law.” A contract is formed if: – There is an agreement and, – The agreement is enforceable by law. • Contract = Agreement + Enforceability .
  • 8. “S.2(e) – An agreement is every promise & every set of promises forming the consideration for each other. AGREEMENT = PROMISE + CONSIDERATION “S.2(b) – Proposal when accepted becomes a promise PROMISE = OFFER + ACCEPTANCE
  • 9.  RULES OF OFFER:• • • • • • • • Must be capable of creating legal relations Must be certain, definite & not vague May be express or implied May be specific or general Must be communicated Must be with a view to obtaining the consent of the offeree May be conditional Should not contain a term, the non-compliance of which would amount to acceptance
  • 10.  RULES OF ACCEPTANCE:• • • • • • Must be absolute & unqualified Must be communicated to offeror Must be in the mode prescribed Must be given before the offer lapses or within a reasonable time Mere silence is not acceptance Acceptance by conduct
  • 12.   Enforceability – S.10 “ All agreements are contracts if they are made by free consent of parties competent to contract for a lawful consideration and with a lawful object and are not hereby expressly declared to be void. ”
  • 14. CONDITIONS: 1) 2) 3) 4) 5) 6) 7) There should be lawful offer and lawful acceptance. There must be lawful consideration. The parties should be competent to contract. There must be free consent of the parties to the contract. Their object should be lawful. Agreement should not be expressly declared to be void by any other law in force. To create a legal relationship.
  • 16. DEFINITION – S.2(d) “When at the desire of the promisor, the promisee or any other person has done or abstained from doing or does or abstains from doing or promises to do or to abstain from doing, such an act or abstinence or promise is called consideration for the promise .”
  • 17. RULES OF CONSIDERATION: 1) 2) 3) 4) 5) 6) 7) 8) Move at the desire of the promisor. Move from promisee or any other person. Executed & executory Abstinence is valid consideration. Adequacy of consideration. May be past, present or future Performance of what one is legally bound to perform Must not be unlawful, immoral or
  • 18. EXCEPTIONS TO THE RULE OF CONSIDERATION: 1) 2) 3) 4) 5) Natural love & affection. Compensation for past voluntary services. Time-barred Debt Agency Promise to charities
  • 19. SUIT BY THIRD PARTY ON AN AGREEMENT: 1) 2) 3) 4) 5) 6) Trust Family Settlement Certain Marriage Contracts Assignment Estoppel by Acknowledgment Covenant by Running with Land
  • 20. POSITION OF MINOR’S AGREEMENT:An agreement entered into by a minor is altogether void Minor can be a beneficiary Minor can always plead minority Ratification on attaining majority is not allowed Contract by guardian – how far enforceable Liability for necessaries
  • 22. S.13 – Consensus ad idem S.14 – Consent is said to be free when it is not caused by: • S.15 Coercion • S.16 Undue Influence • S.17 Fraud • S.18 Misrepresentation • S.20 Mistake
  • 24. Void agreements are those entered into: • • • • • • • • Due to mistake of fact By minor Without lawful consideration In restraint of trade In restraint of judicial proceedings Based on uncertainty By way of wager Impossibility of performance
  • 26.  DEFINITION         Discharge of contract means termination of the contractual relationship between the parties. The rights and obligations created by the contract come to an end, the parties to the contract are said to be discharged. A contract is said to be discharged – By performance. By impossibility of performance. By agreement or mutual consent. By lapse of time. By operation of Law. By breach of contract.
  • 28. Breach of contract means breaking of the obligation which the contract imposes. These are of two types:-  Actual Breach of Contract  Anticipatory Breach of Contract
  • 30.  EXPLANATION  When one of the parties fails to perform his part of the contract, we say that he commits a breach.  When a contract is broken i.e. breached by one party, the other party i.e. the aggrieved (injured) party has one or more of the following remedies:Rescission of the contract. Suit for damages. Suit upon ‘Quantum Meruit’ Suit for specific performance. Injunction.     