essential of valid contrat by waqas balouch
DESCRIPTION
Essential of valid Contract under contract act, 1872 of pakistan by waqas balouchTRANSCRIPT
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Presentation
By
Waqas Balouch
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Essential of valid Contract
Topic
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INTRODUCTION
Contract is an agreement
between
two parties
Where legal right are created , Such right are civil in nature .
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Relevant Provision ‘s
• Section 2(h) of Contract Act, 1872
• Section 2(e) Contract Act, 1872
• Section 10 of Contract Act 1872
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Cross Reference
• Indian Contract Act 1872
• Specific relief Act 1877
• Section 11 to 30 of contract Act 1872
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Meaning of term contract Literal Meaning :-
According to oxford dictionary
A formal agreement
Legal Meaning:-
An agreement between two are more parties creating Obligation that are enforceable or recognizable by law
According to Black’s law dictionary
11th Edition
9th Edition page # 365
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Salutatory definition of term contract
U/S 2(h) of Contract Act, 1872
An agreement enforceable by law
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Juristic view
An agreement enforceable at law
According to Pollack
According to Salmond
Contract is an agreement creation and defining obligation between the parties
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Essential of valid contractU/S 10 of contract Act 1872
• Agreement
• Competency of parties
• Free consent
• Lawful object
• Lawful consideration
• Not to be void
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Agreement as essential of valid contract
Agreement = Offer + Acceptance
PACTA SUNT SERVENDA
“Agreement are made to be fulfilled”
Statutory definition of agreement U/S 2(e) of Contract act, 1872
Every promise and every set of promises forming the consideration for each other is a agreement
Maxim
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Competency of parties U/S 11 Of Contract act, 1872
Section 11 of contract act 1872, provides that, Every person is competent to contract who
Attained the age of majority ;
Is of sound mind ;
Is not disqualified by law.
Illustration
‘A’ aged 20 promises to sell his car to ‘B’ for Rs 3 Lac. It is a valid contract because ‘A’ is competent to contract.
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Free consent U/S 14 of contract act,1872
Section 14 of the contract act 1872 lays down that,
Consent is not free if cause by:
Coercion ;
Undue influence;
Fraud;
Misrepresentation ;
Mistake.
Illustration
‘A’ compels ‘B’ to enter into a contract on the point of pistol.It is not a valid contract as the consent of ‘B’ is not free.
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Lawful consideration U/S 23 of contract act,1872
A contract is valid if it is entered into a lawful consideration. A contract whose consideration is not lawful so it considered to be illegal.
u/s 23 of contract act 1872 a contract is said to have lawful consideration if it is;
•I f is not forbidden by law;• It would not defeat the provision of any law;• It is not fraudulent;• It does not involve injury to the person or property of another;• Not opposed to public policy.
Illustration
‘A’ promises to sell his car to ‘B’ for Rs. 5 Lac. This is an agreement enforceable by law as it has lawful consideration
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Lawful object This means that the object of entering an agreement should not be illegal Or fraudulent or immoral against public policy.
‘A’ promises to pay ‘B’ Rs. 5 thousand of ‘B’ beats ‘C’. This agreement Is illegal as its object is unlawful.
Illustration
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Agreement must not to be void For a valid contract the agreement made between the parties must not be one of the Void agreement.
Which agreement is void u/s 24-30 of contract act 1872
Agreement without consideration: u/s 24 of contract act,1872
Agreement is restraint of marriage u/s 26 of contract act,1872
• Agreement is restraint of trade u/s 27 of contract act,1872
• Agreement is restraint of legal proceeding u/s 28 of contract act,1872
• Agreement by way of wager u/s 30 of contract act,1872
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Analysis
For final analysis, I can say that, to make a valid ContractAnd to make it enforceable by law, it must have the ingredients mentioned in section 10 of contract act 1872.
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