Important features of Contract

Minimum two Parties

Competent PartiesMajority, Sound Mind, Coercion, etc.
Offer and Acceptance
Intention
ConsiderationIt can be past, present or future. Valid only if it is legal.
Free Consent. Not under coercion, misrepresentation, mistake, etc
Lawful Object.. It must not be illegal, immoral, or opposed to public
policy.

Void. Restraint of trade or wagering are not enforceable

Important features of Contract

Certainty and possibility of performance.

Legal formalities. Demanding bus ticket, receipt of

purchases

indicates clear legal transactions

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Dr. Kiran Gardner: Module

leader

Capacity to Contract

Minor versus age of majority. Minors benefit it is valid

Sound mind
Insolvent

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Free Consent

Coercion
Undue influence
Fraud
Misrepresentation
Mistake

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Void Contracts

Incompetent Parties
Mistake
Unlawful object and consideration
Restraint of marriage
Restraint of trade
Restraint of legal proceedings
Meaning of contract is uncertain
Wager
Contingent on or to do impossible act
Agreement to do something illegal

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Discharge of Contract

Discharge by Performance
Discharge by agreement or consent
Discharge by impossibility
Breach of Contract

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Quasi Contract

Supply of necessaries
Payment by an interested person
Obligation to pay for non-gratuitous acts.
Responsibility of finder of goods
Mistake or Coercion
Quantum meruit

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Remedies for Breach of Contract

Rescission
Damages
Quantum meruit
Specific Performance
Injunction
Rectification

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Difference between indemnity and surety

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Comparison between Bailment and Pledge

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Dispute resolution -Breach of contracts

When a there is a breach of contract the following

remedies are available to the aggrieved party:
Claim for liquidated damages
File a suit for specific performance under the Specific
Relief Act 1963
Arbitration under the Indian Arbitration and
Conciliation Act 1996
Mediation

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Agency

Sole selling Agent

Sub Agent
Commission Agent

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Rights and duties of Agent

To conduct the business as per the directions of the Principal

To exercise reasonable care
To maintain proper account
He can keep a lien on goods to recover his dues.
The principal has to give imprest amount to the agent to
conduct the business

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Duties of the Principal towards the Agent

Agent to be indemnified against the consequences of lawful

acts.
Agent to be indemnified against consequences of acts done in
good faith.
Non-liability of the employer of agent to do a criminal act.
Compensation to agent for injury caused by Principals neglect

Dr. Kiran Gardner: Module leader

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Dr. Kiran Gardner: Module leader

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