the indian contract act
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North Maharashtra University School of Management Studies
Name :- Rahul D Bharambe M.B.A. II nd year Roll no :- 4 Subject :- 302 Business Law –I Presented to :- Mr. Milind Dhanraj sir
Unit :-I
INDIAN CONTRACT ACT
2
IntroductionThe law of contract is the function upon which the super structure of modern business is built .
The law of contract is applicable not only to business community but also to other .
Agreement Legal Obligation
Contract “All agreements are contracts but all contracts are not agreements.”
CONTRACT = AGREEMENT + ENFORCIBILITY BEFORE LAW
Meaning The law of contract in india is contained in
the indian contract act 1872
This act is based mainly on English common law which is to large extent mode up of judicial proccedency
It extends to the whole of India except the state of J&K
Scheme of actIt may be divided into two main groups
1)General principle of the law of contract
2)Specific kind of contract
a)Contract of indeminitty & guarantee b)contract of bailment expledge c)contract of agency
DefinitionAccording to section 2(h) of indian
contract act “ an agreement en forable by law is a
contract . A contract is an agreement the object of
which is to create a leglal obligation .i.e a duty enforceable by law
according to this defination contract essentially consist of two element
1) on agreement 2) Legal obligation
EssentialsThe essential element of valid contract are -: 1) Offer & acceptance 2) Intention to create legal relation 3) Lawful consideartion 4) capacity of parties 5) Free constent 6) lawful Object 7) writing & registration 8) certanity 9) Possibilality of performance 10) not expressery declered avoid
Offer & acceptance There must be a lawful offer and a
lawful acceptance of the affect thus resulting in an agreemeants .the adjective lawful implies that the offer & accpetance must satisfy the reguirment or the contract act in relagtion therero.
Intentien to create legal relationThere must be an intention among the parties that the agreement should be attached be legal consequences create legal obligation
Lawful considearationThe third essential element of a valid
contract is the presence or consideartion has been defined as
The price paid by one party for the promisse to other an agreement is legally enforaceable only when each of the parties to it gives some thing & gets some thing .the some given or obtained is the prices for the promise & is called consideration sub react to ceratain exception gratution promises are not enforceasble at law
Free consent
Free consent of all the parties to an agreement is another essential element of a valid contract consent mean that the parties must have agreed upon the same think in some sense.
Capacity of contractEssential ingredient of a valid
contract is that the contracting partites must be ‘competent of contract lays down that ‘
“ every person is compersery to convert who is of the age of majenity according to the law to which he is subject & who is at sound ming & is not disqualified from contracting by any law to which he is subjection .”
Which is depend on following section 1) If he is a minor according to the law to which he is subject
2) If he is of unsound mind
3) If he is disqualified from contracting by any law to which he is subjection.
THANKYOU
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