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CONTRACT
ACT, 1872
CONTRACT
What is Law?
Contract
“All contracts are agreements but
all agreements are not contracts”
CONTRACT = AGREEMENT +
ENFORCIBILITY BEFORE LAW
ESSENTIAL ELEMENTS OF
A VALID CONTRACT
(Sec.10)
Conclusion:
Thus we see that an agreement may be or may not be enforceable by law, and
so all agreement are not contract. Only those agreements are contracts, which
are enforceable by law, In short.
Contracts = Agreement + Enforceability by Law
OFFER
“When one 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, he is said
to make a proposal.”
The person who makes an offer is called “Offeror” or “ Promisor” and the person
to whom the offer is made is called the Offeree” or “Promisee”.
Essentials elements of an offer:-
(3)The offer must show the willingness of offeror. Mere telling the plan is not offer.
(4) The offer must be made with a view to obtaining the assent of the offeree.
By lapse of time
By change in law
ACCEPTANCE
• Acceptance must be absolute and unqualified
• Manner of acceptance
according to the Law to which he is subject, who is of sound mind and not is
Exception
Trust
Acknowledgement of liability
Assignment of contract
Agent
CONSIDERATION
Definition [Sec 2(d)]:- when at the desire of the Promisor, the promise or any
other person.
(a) has done or abstained from doing , or [Past consideration]
(b) does or abstains from doing, or [Present consideration]
(c) promises to do or abstain from doing something [Future consideration ] such
act or abstinence or promise is called a consideration for the promise.
Legal Rules for valid consideration
• Consideration must move at the desire of the promisor
• Consideration may move from the promisee or any other person who is not a
party to the contract .
• Consideration may be past, present, Future
• Consideration should be real and not illusory.
• Must be legal
• Consideration need not be adequate.
• The performance of an act what one is legally bound to perform is not
consideration
Ex. Nudo Pacto non oritur action, i,e, an agreement without
consideration is void.
Written and registered agreements arising out of love and affection:- [25 (1)]
Completed gift
Agency (185)
Bailment (148)
Remission (63)
Charity
FREE CONSENT
According to section 13. Two persons are said to have consented when they agree
upon same thing in the same sense.
In English law, this is called ‘consensus – ad – idem’
Free consent
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