merchantile law presentation - unitedworld school of business
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Nature and Type of Contracts
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Contract
Section 2(b) defines promise in these words
when the person to whom the proposal is made
signifies his assent thereto, the proposal is said
to be accepted. Proposal when accepted ,becomes a promise.
Section 2(e) defines agreement as every
promise & every set of promises, forming theconsideration for each other.
Section 2(h) of the act defines the term contract
as an agreement enforceable by law.
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Essential elements of a valid contract
Proposal and acceptance
Consideration-lawful consideration with a lawful object
Capacity of parties to contract-competent parties
Free consent
An agreement must not be expressly declared to be void
Writing and registration, is so required by law
Legal relationship
Certainty
Possibility of performance
Enforceable by law
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Void contract
It is a contract without any legal effect and
cannot be enforced in a court of law.
Section 2(j) defines a void contract as a contract
which ceases to be enforceable by law becomes
void when it ceases to be enforceable
Eg- Agreement in restraint of marriage
Agreement in restraint of trade
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Contingent contract
The contingent contract is all about happening or not happeningof some future uncertain event .
Rules
Contingent contract depends on the happening of an uncertainfuture event , cannot be forced until the event has happened
If a contingent contract depends for its performance on doing ofact by the promissory, the contract becomes void where thepromissory makes the performance impossible
If a contingent contract contemplates doing of a thing in aspecified event ,happens within a fixed time .It becomes void ifthe event does not happen within the time.
If a contingent contract contemplates to do anything if animpossible event happens, it is void.
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Unlawful/Illegal contract
It is a contract which the law forbids to bemade. The court will not only enforce such acontract but also connected contracts. Allillegal agreements are void but all voidcontracts are not necessarily illegal.
E.g:
Contract to commit crime
Contract to destroy public property
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Uncertain agreement
According to Sec 29 agreements, themeaning of which is not certain, or capable ofbeing made certain, are void.
Through this sec the law aims to ensure thatthe parties to a contract should be aware ofthe precise nature and scope of their naturalrights and obligations under the contract.
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Wagering Agreement
It is an agreement involving payment of asum of money upon the determination of anuncertain event.
The essence of a wager is that each sideshould stand to win or lose, depending on theway an uncertain event takes place.
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Bibliography
Mercantile law- CPT-ICAI
Business law for management-
K.R.BULCHANDANI
Element of mercantile law- N.D.KAPOOR
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Campus Overview
907/A Uvarshad,GandhinagarHighway, Ahmedabad 382422.
Ahmedabad Kolkata
Infinity Benchmark, 10thFloor, Plot G1,Block EP & GP,Sector V, Salt-Lake,Kolkata 700091.
Mumbai
Goldline Business CentreLinkway Estate,Next to Chincholi FireBrigade, Malad (West),Mumbai 400 064.
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Thank You
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