Law of contract

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By: vijay.waghulkar (32 month(s) ago)

nice

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Law of contract : 

Law of contract An agreement enforceable by Law Agreement = offer +acceptance

Essentials of a contact : 

Essentials of a contact At least two parties Agreement = Offer and Acceptance Consensus ad idem-identity of mind Free consent –the contracting parties must give their consent freely. Contractual competency Lawful consideration Lawful object

Slide 3: 

The agreement is capable of being performed Legal formalities

Kinds of contract : 

Kinds of contract Express Contact Implied contract Quasi contract Valid Contract Void contract- A void able contract IIIegal Void agreement An enforceable contract An executed contract An executory contract

Express contract : 

Express contract A contract which is made in word-spoken or written Eg:A,who in front of B makes an offer to sell out his bike to B by mouth.B accept it verbally .

Implied Contact : 

Implied Contact not made by the parties in writing or by words of mouth .this contract inferred from the conduct of the parties Eg:bus restaurant

Quasi contract : 

Quasi contract quasi contracts are based on the principle of justice and equity.inspite of not having any contract between parties ,the rights and obligations as created by a formal contract

Executed and executory : 

Executed and executory Performed contract One that has not been yet performed

Valid contract : 

Valid contract Satisfied all conditions of essential contract

Void contract : 

Void contract The contract may either from beginning when it was made or may later on discover to be void

Void able contract : 

Void able contract Aggrieved party

Illegal contract : 

Illegal contract Object is lllegal

Unenforceable contract : 

Unenforceable contract Due to some technical error A makes out promissory note in favour of B for Rs.1000.It has stamp duty of Rs 5.While as per law requirement of law it must have stamp duty of Rs 10