Indian Contract Act1872 (2)

8/3/2019 Indian Contract Act1872 (2)

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MEANING AND ESSENTIALS

BY:

Shivani Bhatia.

Gayatri

Bhuvan


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Ignorantia juris not

excusatSection 2 (h) defines a contract

as anagreement enforceable by law thus to make

An agreement

The agreement shall be enforceable by law.

All agreements are not enforceable by law


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According to Section 2(e) an agreement is definedas every promise and every set of promisesforming the consideration for each other.

A promise is defined as an accepted proposal as

Section 2(b) says a proposal when acceptedbecomes a promise Therefore it can be said thatan agreement is an accepted proposal.

In an agreement there is a promise from both the

sides. For example, A promises to deliver hisradio to B and in return B promises to pay a sumof Rs. 500 to A , there is said to be an agreementbetween A and B


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The law of contract is thatbranch of law which deals with

the circumstances in which thepromises made by one party

shall be legally binding on them.


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A contract is an agreement whichis enforceable by law and it is made

between two parties.

The conditions of enforceability are statedin

Section 10. According to this section allagreements are contracts if they are made

by thefree consent of parties competent to

contract, for a

lawful consideration and with a lawfulob ect, and


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Contract = (Agreement +Enforceability by Law)

Agreement = (Offer + Acceptance)


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Offer and acceptance Intention to create legal relationship

Lawful consideration Capacity of Parties Free and Genuine consent Lawful object Agreement not declared void Certainty and possibility of performance Legal formalities


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CONCENSUS ATIDEM

General offer

Specific offer.

Cross offer


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On the basis of:

1.ENFORCEABILITY

2.PERFOMANCE.

3.FORMATION


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VALID: It holds all the characteristics.

VOID: It cant be implemented.

VOIDABLE: one agrees and other doesnot.

UNENFORCABLE: Inspite of having allessentials its pending due some legal

formalities.


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EXECUTED: Nothing remains to be done.

EXECUTORY: Something remains to be

done from one or both sides.

UNILATERAL: Obligation to do from one

side.

BILATERAL: Both parties are left withsomething to be done.


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EXPRESS: Clearly specified.

IMPLIED: Understood by conduct ofparties.

QUASI : A relation which resemblesthat created by a contract.


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If the terms and conditionsof offers and offeree are

fulfilled a contract is saidto be performed.


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A contract need not to actuallyperformed.

The party who is bound to perform itsobligation under the contract may makean offer to the other party to perform.

THIS OFFER IS KNOWN AS TENDER OF

PERFOMANCE


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1. WIKIPEDIA

2. BUSSINESS LAW:

kapoor3. case study at oxford


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Indian Contract Act1872 (2)

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