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    Indian Contract Act

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    CHARAK RAY
    LAW, ARTICLE, SECTION, SUB-SECTION, CONTRACT, PARTIES IN A CONTRACT, CONTRACT LAW, INDIAN CONTRACT ACT, BREACH OF CONTRACT.

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    Indian Contract Act

    Uploaded by

    CHARAK RAY
    173 views15 pages
    LAW, ARTICLE, SECTION, SUB-SECTION, CONTRACT, PARTIES IN A CONTRACT, CONTRACT LAW, INDIAN CONTRACT ACT, BREACH OF CONTRACT.

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    INDIAN CONTRACT ACT

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    LAW, ARTICLE, SECTION, SUB-SECTION, CONTRACT, PARTIES IN A CONTRACT, CONTRACT LAW, INDIAN CONTRACT ACT, BREACH OF CONTRACT.

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    © All Rights Reserved
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    Download as ppt, pdf, or txt
    173 views15 pages

    Indian Contract Act

    Uploaded by

    CHARAK RAY
    LAW, ARTICLE, SECTION, SUB-SECTION, CONTRACT, PARTIES IN A CONTRACT, CONTRACT LAW, INDIAN CONTRACT ACT, BREACH OF CONTRACT.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 15

    INDIAN CONTRACT ACT,

    1872

    CHARAK RAY
    libra.charak@gmail.com
    Indian Contract Act 1872

    An act meant to ensure that rights


    agreed between parties in a contract
    are legally enforced.
    CHAPTERS

    - FORMATION
    - DISCHARGE
    - SPECIAL CONTRACTS
    - MODERN CONTRACTS
    FORMATION-What is a contract

    • It must have an offer and acceptance


    • It must have the 3 C’s.
    • It must not be prohibited by law.
    (note : a social agreement is not a contract because it does not
    have any legal intention between the parties.
    What is an Offer

    1.It must be precise ; capable of being understood and


    communicated.
    2.It must not contain a clause that does away with
    acceptance
    3.Special terms must be brought to the notice of the offeree
    4.It need not be in writing though in immoveable property
    contracts it must be in writing.
    Offer … continued

    5.Distinguish between an offer and an invitation to an offer.


    6.Under certain circumstances an advertisement can
    become an offer.
    7. An offer can be revoked before it is accepted though in
    some countries it is not so.
    8. In a digital contract the offer has been communicated
    once it has entered the computer of the offeree.
    ACCEPTANCE

    1. An acceptance must be in response to an offer.


    2. It must be in the mode prescribed
    3. It must be made by the person to whom the offer has
    been made.
    4. It must be unqualified and unconditional.
    (Though in some countries minor modifications are
    permissible.)
    Acceptance ..contd.

    5. Acceptance must be made within the tme provided or


    reasonable time.
    6. Acceptance can be revoked before it reaches the offeree.
    7. In the case of cyber contracts acceptance has reached
    when it enters the system of the offeree.
    3 C’s of a Contract

    CAPACITY
    CONSIDERATION
    CONSENT
    CAPACITY

    • A minor and an unsound person and an insolvent person


    cannot enter into contracts . It is void ab – initio.
    • Reason : The contract creates legally binding obligations
    on the parties and hence only those who have the
    capability (capacity) to do so should be allowed otherwise
    they(minor/unsound/insolvent) may harm themselves.
    MORE ON MINORS

    1.Agreement with minor is void – ab – initio.


    2. Even if a minor declares himself to be a major he can
    plead that he is a minor
    3. An agreement with a minor cannot be ratified on his
    becoming a major.
    4. Guardians of a minor are not liable on contracts with a
    minor
    Minor….

    5. A minor if provided with necessaries of life then it can be


    reimburse from the minor’s estate.
    6. A minor can be a beneficiary.
    7. A minor can become a partner though he would not be
    liable.
    C - Consideration

    1.Consideration is the price of a contract.


    2. A contract without consideration is void.
    3. Consideration must be decided by the parties themselves.
    Consideration can be fulfilled by third parties.
    4. Consideration must have some legal value in the eyes of
    law.
    5. Strangers to a contract have no claims.
    C- Consent

    1. Consent must be free and genuine.


    2. A consent is not free and genuine when it is induced by =
    - coercion
    - undue influence
    - fraud
    - misrepresentation
    - mistake
    THANK YOU…

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