INDIAN CONTRACT ACT1

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INDIAN CONTRACT ACT : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 1 www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS INDIAN CONTRACT ACT AFTERSCHO?OL – DEVELOPING CHANGE MAKERS CENTRE FOR SOCIAL ENTREPRENEURSHIP PGPSE PROGRAMME – World’ Most Comprehensive programme in social entrepreneurship & spiritual entrepreneurship OPEN FOR ALL FREE FOR ALL

INDIAN CONTRACT ACT : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 2 www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS INDIAN CONTRACT ACT Dr. T.K. Jain. AFTERSCHO?OL Centre for social entrepreneurship Bikaner M: 9414430763 tkjainbkn@yahoo.co.in www.afterschool.tk, www.afterschoool.tk

What is a agreement? : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 3 What is a agreement? Every promise and every set of promises, forming the consideration for each other, is an agreement. [section 2(e)]. - - A person makes a proposal (offer). When it is accepted by other, it becomes a promise. However, promise cannot be one sided. Only a mutual promise forming consideration for each other is ‘agreement’.

What is a consideration? : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 4 What is a consideration? 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, something, such act or abstinence or promise is called a consideration for the promise. [section 2(d)].

Conditions of a contract… : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 5 Conditions of a contract… Offer and acceptance. * proposal and its communication * acceptance of proposal and its communication * Agreement by mutual promises * Contract * Performance of Contract. - - All agreements are not contract. Only those agreements which are enforceable by law are ‘contracts’. Lawful object Free consent of both parties

What is a voidable contract? : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 6 What is a voidable contract? An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract. [section 2(i)]. Voidable contract is there in following cases : Coercision Misrepresentation Fraud

What is a quasi contract? : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 7 What is a quasi contract? Quasi‘ means almost‘ or apparently but not really‘ or as if it were‘. This term is used when one subject resembles another in certain characteristics but there are intrinsic differences between the two. Quasi contract‘ is not a contract‘. It is an obligation which law created in absence of any agreement. It is based on equity. There are certain relations resembling those created by contract – like finder of a lost goods, or supply of necessity or other such conditions..

Quantum meritus : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 8 Quantum meritus It means : as much as earned‘. A contract may come to end by * breach of contract * contract becoming void or * Voidable contract avoided by party. In such case, if a party has executed part of contract, he is entitled to get a proportionate amount i.e. as much as earned by him‘. This is not by way of damages‘ or compensation for loss‘. The principle is that even when contract comes to a premature end, the party should get amount proportional to the work done/services provided/goods supplied

Bailment : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 9 Bailment It is act of delivering goods for a specified purpose on trust. The goods are to be returned after the purpose is over. In bailment, possession of goods is transferred, but property i.e. ownership is not transferred. A “bailment” is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them. The person delivering the goods is called the “bailor”. And the person receiving the goods is called ‘bailee’.

Who is an agent? : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 10 Who is an agent? An “agent” is a person employed to do any act for another or to represent another in dealings with third persons. The person for whom such act is done, or who is so represented, is called the “principal” [section 182]

Is consideration necessary in contract? : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 11 Is consideration necessary in contract? Yes, but there are some exceptions - agreement between husband and wife, a contract which is based on natural love,. Consideration is not necessary for creation of agency also. However, if there is an agreement, an agent is entitled to get remuneration as per contract.

When agency cannot be terminated in the middle? : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 12 When agency cannot be terminated in the middle? Agency coupled with interest (section 202) * Agent has already exercised his authority (section 203) * Agent has incurred personal liability.

What are the duties of the principal? : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 13 What are the duties of the principal? * Pay remuneration to agent as agreed * Indemnify agent for lawful acts done by him as agent * Indemnify Agent for all acts done by him in good faith * Indemnify agent if he suffers loss due to neglect or lack of skill of Principal.

Rights of the principal? : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 14 Rights of the principal? Recover damages from agent if he disregards directions of Principal * Obtain accounts from Agent * Recover moneys collected by Agent on behalf of Principal * Obtain details of secret profit made by agent and recover it from him * Forfeit remuneration of Agent if he misconducts the business

What are the duties of agents towards principal? : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 15 What are the duties of agents towards principal? * Conducting principal’s business as per his directions * Carry out work with normal skill and diligence * Render proper accounts [section 213]. * Agent?s duty to communicate with principal [section 214] * Not to deal on his own account, in business of agency [section 215]. * Agent?s duty to pay sums received for principal [section 218] * Agent?s duty on termination of agency by principal?s death or insanity - [section 209].

What are the duties of the principal : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 16 What are the duties of the principal * Pay remuneration to agent as agreed * Indemnify agent for lawful acts done by him as agent * Indemnify Agent for all acts done by him in good faith * Indemnify agent if he suffers loss due to neglect or lack of skill of Principal.

About AFTERSCHO?OL : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 17 About AFTERSCHO?OL PGPSE - World’s most comprehensive programme on social entrepreneurship – after class 12th Flexible – fast changing to meet the requirements Admission open throughout the year Complete support from beginning to the end – from idea generation to making the project viable.

Branches of AFTERSCHO?OL : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 18 Branches of AFTERSCHO?OL PGPSE programme is open all over the world as free online programme. Those who complete PSPSE have the freedom to start branches of AFTERSCHO?OL A few branches have already started - one such branch is at KOTA (Rajasthan).

Workshop on social entrepreneurship : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 19 Workshop on social entrepreneurship We conduct workshop on social entrepreneurship – all over India and out of India also - in school, college, club, association or any such place - just send us a call and we will come to conduct the workshop on social entrepreeurship. These workshops are great moments of learning, sharing, and commitments.

FREE ONLINE PROGRAMME : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 20 FREE ONLINE PROGRAMME AFTERSCHO?OL is absolutely free programme available online – any person can join it. The programme has four components : 1. case studies – writing and analysing – using latest tools of management 2. articles / reports writing & presentation of them in conferences / seminars 3. Study material / books / ebooks / audio / audio visual material to support the study 4. business plan preparation and presentations of those plans in conferences / seminars

100% placement / entrepreneurship : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 21 100% placement / entrepreneurship AFTERSCHO?OL has the record of 100% placement / entrepreneurship till date Be assured of a bright career – if you join AFTERSCHO?OL

Pursue professional courses along with PGPSE : 

2/5/2009www.afterschoool.tk AFTERSCHO?OL's MATERIAL FOR PGPSE PARTICIPANTS 22 Pursue professional courses along with PGPSE AFTERSCHO?OL permits you to pursue distance education based professional / vocational courses and gives you support for that also. Many students are doing CA / CS/ ICWA / CMA / FRM / CFP / CFA and other courses along with PGPSE. Come and join AFTERSCHO?OL

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