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n. The agreement is void, as its object is unlawful.A’s estate is sold for arrears of revenue under the provisions of an Act of the Legislature, by which t. e defaulter is prohibited from purchasing the estate. B, upon an understanding with A, becomes the purchaser, and agrees to convey the estate to.
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- Communication, Acceptance and Revocation of Proposals 3 Communication, acceptance and revocation of proposals 4 Communication when complete 5 Revocation of proposals and acceptances.
- Contracts, Voidable Contracts, and Void Agreements 10 What agreements are contracts 11 Who are competent to contract 12 What is a sound mind for the purposes of contracting.
- Contingent Contracts 31 "Contingent contract" defined 32 Enforcement of contracts contingent on an event happening 33 Enforcement of contract contingent on an event not happening.
- Performance of Contracts which must be Performed 37 Obligations of parties to contracts 38 Effect of refusal to accept offer of performance 39 Effect of refusal of party to perform promise wholly.
- OF THE COMMUNICATION, ACCEPTANCE AND REVOCATION OF PROPOSALS.
- OF CONTRACTS, VOIDABLE CONTRACTS AND VOID AGREEMENTS. Void agreements.
- OF CONTINGENT CONTRACTS.
- OF THE PERFORMANCE OF CONTRACTS. Contracts which must be performed. By whom contracts must be performed. Time and place for performance. Performance of reciprocal promises.
(1) A contract is said to be induced by "under influence" where the relations subsisting between the parties are such that one of the parties is in a position to dominate the will of the other and uses that
- Learning objectives
- 1.1 What is a Contract?
- 1.2 Essentials of a Valid Contract
- The above important elements may be further analysed as under:
- Key Points
- 1.3 Types of Contract
- Performance
- Unenforceable
- Key Points
- 1.4 Proposal / Offer
- What is invitation to offer?
- Key Points
- 1.5 Acceptance
- Key Points
- 1.7 Communication of Performance
- 1.8 Revocation of Offer and Acceptance
- Key Points
- Learning objectives
- Whether gratuitous promise can be enforced?
- 1.12 Validity of an Agreement without Consideration
- Key Points
- 1.13 Free Consent
- 1.15 Mistake
- Key Points
- Key Points
- 1.19 Unlawful Consideration
- (v) Where object or consideration is unlawful because it involves or causing injury to
- (d) Interference with course of law and justice: Any agreement with the object of inducing
- Key Points
- Learning objectives
- 1.21 By Whom a Contract may be Performed
- 1.22 Distinction between Succession and Assignment
- 1.24 Effect of a Refusal of a Party to Perform Promise
- 1.29 Effects of Failure to Perform at a Time Fixed in a Contract in which Time is Essential
- The next question for consideration is how to determine whether time is essence of a contract?
- Key Points
- 1.30 Impossibility of Performance
- Key Points:
- 1.35 Discharge of a Contract
- Key Points
- Learning objectives
- 1.37 Actual Breach of Contract
- 1.41 Compensation for Breach of Contract where the Penalty is stipulated for
- Key Points
- Learning objectives
- Difference between a contingent contract and a wagering contract
- Key Points
- 1.44 Quasi – Contracts
- Salient features of quasi contracts are:
- 1.45 Types of Quasi Contract
- Key Points
- Against the principal debtor
- 1.53 Distinction between a Contract of Indemnity and a Contract of Guarantee
- Key Points
- Learning objectives
- 1.54 What is bailment?
- Duties of Bailor:
- 1.56 Care to be taken by Bailee
- 1.57 Duties and Rights of a Bailee.
- Suit by bailor & bailee against wrong doers
- 1.58 Rights and Duties of Finder of Goods
- There must be a delivery of goods from pawnor to pawnee Pawnee’s rights
- 1.61 Pledge by Mercantile Agents
- 1.62 Distinction between Bailment and Pledge
- Key Points
- 1.64 Modes of Creation of Agency
- 1.66 Duties and Obligations of an Agent
- 1.67 Rights of An Agent
- 1.68 Personal Liability of the Agent
- 1.69 Undisclosed Principal
- 1.70 Principal’s Liability for Agent’s Act to Third Parties
- 1.71 Termination of Agent’s Authority.
- 1.72 Irrevocable Agency
- 1.73 Sub- Agent
- 1.74 Substituted Agent
- Key Points
After studying this unit, you would be able to - ♦ Understand the meaning of the terms 'agreement' and 'contract' and note the distinction between the two. ♦ Note the essential elements of a contract. ♦ Be clear about various types of contract. ♦ Understand the concept of offer and acceptance and rules of communication and revocation thereof. Any c...
While all contracts are agreements, all agreements are not contracts. An agreement which is legally enforceable alone is a contract. Agreements which are not legally enforceable are not contracts but remain as void agreements which are not enforceable at all or as voidable agreements which are enforceable by only one of the parties to the agreement...
Now let us discuss the various essential elements of a valid contract. In terms of Section 10 of the Act, “all agreements are contracts if they are made by the free consent of the parties competent to contract, for a lawful consideration and with a lawful object and are not expressly declared to be void”. Thus, in order to create a valid contract, ...
1. Offer and Acceptance: In the first place, there must be an offer and the said offer must have been accepted. Such offer and acceptance should create legal obligations between parties. This should result in a moral duty on the person who promises or offers to do something. Similarly this should also give a right to the promise to claim its fulfil...
♦ An agreement enforceable by law is a contract. It creates legal obligations between the parties. ♦ Every promise and every set of promises forming consideration for each other is an agreement. ♦ An agreement comes into existence when one party accepts a proposal put forward by other. In other words, agreement is a promise which results from accep...
Now let us discuss various types of contracts Types of Contracts on the basis of Validity Formation
Valid contract Express contract Executed contract Void contract Implied contract Executory contract Voidable contract Ouasi contract Unilateral contract Illegal agreement Bilateral contract
1. Void Contract: Section 2 (j) states as follows: “A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable”. Thus a void contract is one which cannot be enforced by a court of law. Example : Mr. X agrees to write a book with a publisher. After few days, X dies in an accident. Here the contract becomes void ...
♦ Void agreement- Agreement not enforceable by law and is without any legal effect. ♦ Void contract- Valid at the time of making but becomes void subsequently due to change in circumstances. ♦ Voidable contract- Agreement enforceable at the option of the aggrieved party. Until the party won’t nullify, it remains valid. ♦ Illegal agreement-An agreem...
It has been explained in the previous paragraphs that a proposal or a promise backed by legal consideration is an agreement and such an agreement, if legally enforceable, becomes a contract. It would therefore be clear that the starting point of this chain is a proposal or a promise. It is proposed now to discuss as to what is a proposal/offer, wha...
An offer and invitation to offer are not one and the same. The difference between the two must be appreciated. An offer is definite. It is an intention towards a contract. An invitation to offer is an act precedent to making an offer. It is done with intent to generally to induce and negotiate. An invitation to offer gives rise to an offer after du...
♦ Offer-An expression of willingness of offeror to an offreee to do or to abstain from doing anything,with a view to obtain the assent of an offeree and to enter him into a contract. ♦ Agreement-An accepted offer/proposal ♦ Promisor- Person making the proposal. ♦ Promisee- Person accepting the proposal ♦ Express Offer-Expressed by written/spoken w...
The significance of “acceptance of a proposal” so as to form an agreement has been discussed in previous paragraphs. Let us analyse various issues concerning ‘acceptance’ now, Meaning: In terms of Section 2(b) of the Act, “A proposal or offer is said to have been accepted when the person to whom the proposal is made signifies his assent to the prop...
♦ Acceptance- Assent of offeree to a proposal. On acceptance of proposal, proposer is called as promisor and offeree as promisee. ♦ Acceptance is irreversible as once it is given and reaches to the proposer it cannot be recalled, ♦ Rules for valid acceptance- It must be absolute and unqualified, communicated, and must be in the prescribed mode an...
We have already discussed that in terms of Section 4 of the Act, communication of a proposal is complete when it comes to the knowledge of the person to whom it is meant. As regards acceptance of the proposal, the same would be viewed from two angles. These are (i) from the viewpoint of proposer and (ii) the other from the viewpoint of acceptor hi...
If there are specific requirements governing the making of an offer and the acceptance of that offer, we also have specific law governing their revocation. In term of Section 4, communication of revocation (of the proposal or its acceptance) is complete. as against the person who makes it when it is put into a course of transmission to the person t...
Communication of revocation as against the person who makes it, completes- when it is put into the course of transmission to the person to whom it is made ♦ Communication of revocation as against the person to whom it is made, completes- when it comes to his knowledge. ♦ Revocation of proposal and acceptance is complete- at any time before the co...
After studying this unit, you would be able to - ♦ Understand the concept of consideration, its importance for a contract and its double aspect. ♦ Clearly understand how consideration may move from a third party and how this makes the contract valid. ♦ Learn about the peculiar circumstances when a contract is valid even without consideration. ♦ Be ...
The word “gratuitous” means ‘free of cost’ or ‘without expecting any return’. It can therefore be inferred that a gratuitous consideration. For instance promise will not result in an agreement in the absence of a promise to subscribe to a charitable cause cannot be enforced.
We have all along learnt that an agreement without consideration is void. Not only that, even inadequate consideration would render the enforceability of the contract quite difficult as the free consent of the parties would become suspect. The Act however contains certain exceptions to this important rule. These are: On account of natural love and...
♦ Consideration- The promise/performance that parties exchange with each other. ♦ Rules of valid consideration: Move at the desire of promisor by promisee and any other person.It is must for every contract though not necessarily be adequate but must be real and not illusory and should be of some value in terms of money. Contract without considerati...
In terms of section 13 of the Act, two or more persons are said to have consented when they agree upon the same thing in the same manner. This is referred to as identity of minds or “consensus-ad-idem”. Absence of identity of minds would arise when there is an error on the part of the parties regarding (a) nature of transaction or (b) person deal...
The fifth significant element that vitiates consent is ‘Mistake’. Where parties to an agreement are under a mistake as to a matter of fact which is essential to the agreement, then the agreement is void. As we all know a void agreement cannot be enforced at all. Example: ‘A’ agrees to sell certain cargo which is supposed to be on its way in a ship...
♦ When two or more persons agree upon the same thing in the same sense,they are said to have consent. Consent is said to be free when it has not been obtained by coercion, undue influence, fraud, misrepresentation or mistake. ♦ Coercion –An act or threat of a person with an intention of causing any person to enter into an agreement by –(i) commit...
♦ Capacity to contract -Legal capacity of parties to enter into a contract. A person is competent to contract , where he is – (i) Major (ii) of Sound mind(iii) not disqualified by any other law of the land. ♦ Nature of minor’s agreement- Minor’s agreement is absolutely void from very beginning, so it has no enforceability.[ Mohiri Bibee v. Dharmod...
Now let us consider circumstances which would make consideration and the object as well unlawful. There are seven such circumstances namely - (i) Agreement forbidden by law: Acts forbidden by law means acts that are punishable under any Statute or Rules or Regulations made under any Statute. For instance a plantation company that is commenced, for...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
♦ Agency- Relation between an agent and his principal created by an express/ implied agreement authorising an agent by his principal to create contractual relations with third parties. Person so appointed to represent the principal is called as agent whereas a person who appoints an agent to represent him as per his directions and authority is cal...
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The Indian Contract Act consists of the following two parts: (a) General principals of the Law of Contract. (b) Special kinds of contracts. ¾. The general principals of the Law of Contract are contained in Sections 1 to 75 of the Indian Contract Act. These principles apply to all kinds of contracts irrespective of their nature. ¾
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What are special contracts in Indian Contract Act?
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What is Indian Contract Act 1872?
The Indian Contract Act, 1872 [1] prescribes the law relating to contracts in India and is the key act regulating Indian contract law. The Act is based on the principles of English Common Law . It is applicable to all the states of India.
