Indian Contract Act,1872:
Indian Contract Act,1872 Introduction Nature of the Law of Contract The Act is not exhausted It creates jus in personam
Definition of Contract:
Definition of Contract * Meaning & Definition of Contract- Acc. to sec. 2(h) defines contract as, “An agreement enforceable by law” *Contract consist of two elements 1) Agreement & 2) Enforceability
Cont…..:
Cont….. *Definition of Agreement- Acc.to Sec. 2(e), “ Every promise & every set of promises, forming consideration for each other.” *Definition of Offer/Proposal &acceptance Sec. 2(a)- “When person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence”. Acceptance- “when person signifies his assent then it is called acceptance.”
Essential Elements of Valid contract:
Essential Elements of Valid contract Offer & Acceptance Intention to create legal Relation Lawful Consideration Capacity of Parties-Competency Free Consent Lawful Object Agreement not Declared void Certainty &Possibility of Performance Legal Formalities
Classification of Contracts:
Classification of Contracts A) Classification according to Validity 1)Valid Contract 2)Void Contract 3)Voidable Contract 4) Illegal Contract 5) Unenforceable Contract B) Classification acc. to formation 1) Express Contract 2) Implied Contract 3) Quasi Contract 4) E-Commerce Contract
Cont…:
Cont… C) Classification acc to performance 1) Executed Contract 2) Executory Contract a) Unilateral Contract b) Bilateral Contract