Essential elements of a valid contract [Section 10]
(1) All agreements are contracts if they are made by
(2) Free consent of the parties
(3) Competent to the contract for
(4) A lawful consideration & with
(5) A lawful object & are
(6) Not hereby expressly declared to be void.
(7) Intention to create legal relationship
(8) Certainty of meaning (e.g. Oil)
(9) Possibility of performance
(1
Best Study Notes » Mercantile Law
Indian Contract Act Notes - Part 2
Best Coaching Class Notes by shruti (#2) 187 days ago (Article)
Indian Contract Act Notes - Part 1
Best Coaching Class Notes by shruti (#2) 187 days ago (Article)
1. Indian contract Act, 1872 came into force on 1st September, 1872.
2. It applies to whole of India except the state of J & K.
3. The provisions related to contracts are contained in Indian Contract Act, 1872.
4. The provisions related to sale of goods wee originally contained in Indian contract act, 1872.
5. The provision related to sale of goods are contained in the Sale of Goods Act, 1930
2. It applies to whole of India except the state of J & K.
3. The provisions related to contracts are contained in Indian Contract Act, 1872.
4. The provisions related to sale of goods wee originally contained in Indian contract act, 1872.
5. The provision related to sale of goods are contained in the Sale of Goods Act, 1930
What is meant by Coercion and Undue Influence?
Best Coaching Class Notes by shruti (#2) 220 days ago (Article)
Free coaching notes for CA CPT - Section 15 of Indian Contract Act defines Coercion as committing or threatening to commit a act forbidden by IPC or the unlawful detaining or threatening to detail any property to the prejudice of any person, whatever with intention of causing him to enter into an agreement.
A contract is said to be induced by undue influence where the relation subsisting bet
A contract is said to be induced by undue influence where the relation subsisting bet
Who are people disqualified as per the Indian Contract Act?
Best Coaching Class Notes by shruti (#2) 220 days ago (Article)
Following people are disqualified as per the Indian Contract Act to enter into a contract.
1. Alien enemy
2. Statutory corporation
3. Municipal bodies
4. Sovereign status Ambassadors & Diplomatic couriers
5. Convicts / Criminals
6. Insolvent
1. Alien enemy
2. Statutory corporation
3. Municipal bodies
4. Sovereign status Ambassadors & Diplomatic couriers
5. Convicts / Criminals
6. Insolvent
What is consideration as per the Indian Contract Act.
Best Coaching Class Notes by shruti (#2) 220 days ago (Article)
AS per Section 2 (d) - When at the desire of the promisee, the promise or any other person has
done or abstained from doing or, does or abstains from doing or promise to do or to abstain from
doing something, such an act or abstinence or promise is called consideration for the promise. Some conditions that need to be met are as below:
1. Consideration must move at the desire of the promisor.
done or abstained from doing or, does or abstains from doing or promise to do or to abstain from
doing something, such an act or abstinence or promise is called consideration for the promise. Some conditions that need to be met are as below:
1. Consideration must move at the desire of the promisor.
Give some examples of invitation to offer.
Best Coaching Class Notes by shruti (#2) 220 days ago (Article)
(1) Advertisement
(2) Window display of goods by shopkeeper
(3) Quotations
(4) Catalogue
(5) Price list
(6) Advertisement in a newspaper for auction sale
(7) Initial public offer (IPO) of a company
(8) Prospectus issued by an institute.
(2) Window display of goods by shopkeeper
(3) Quotations
(4) Catalogue
(5) Price list
(6) Advertisement in a newspaper for auction sale
(7) Initial public offer (IPO) of a company
(8) Prospectus issued by an institute.
What are some of the conditions regarding an offer that must be fulfilled as per law?
Best Coaching Class Notes by shruti (#2) 220 days ago (Article)
The legal conditions that must be fulfilled for an offer to be valid are as below:
(1) Offer must be capable of creating the legal relationship.
(2) Offer must be certain, definite and not vague.
(3) Offer may be express or implied.
(4) Offer must be distinguish from an invitation to offers.
(5) Offer may be conditional.
(6) Offer may be specific or general
(7) Offer must be made with a
(1) Offer must be capable of creating the legal relationship.
(2) Offer must be certain, definite and not vague.
(3) Offer may be express or implied.
(4) Offer must be distinguish from an invitation to offers.
(5) Offer may be conditional.
(6) Offer may be specific or general
(7) Offer must be made with a
What is the difference between Void Contract, Void Agreement and Illegal Agreement?
Best Coaching Class Notes by shruti (#2) 220 days ago (Article)
An agreement not enforceable by law. It is voide-ab-initio ie., void from the very beginning when it is made.
A contract which ceases to be enforceable by law becomes void when it ceases to be so enforceable. Hence, this is a contract which is valid in the beginning but later on due to some reasons it becomes void.
All illegal agreements are void, but all void agreements are not necessaril
A contract which ceases to be enforceable by law becomes void when it ceases to be so enforceable. Hence, this is a contract which is valid in the beginning but later on due to some reasons it becomes void.
All illegal agreements are void, but all void agreements are not necessaril
What is a time barred debt? Explain laws regarding that.
Best Coaching Class Notes by shruti (#2) 220 days ago (Article)
AS per the Indian Limitation Act, 1963, a debt is said to be time barred on expiry of 3 years
from the due date, if the amount has not been recovered and also no action has been taken for recovery of the amount. A time barred debt is not recoverable. A person who pays time barred debt, in ignorance of this Act cannot recover it back. In case of appropriation of payment, if debtor does not mentio
from the due date, if the amount has not been recovered and also no action has been taken for recovery of the amount. A time barred debt is not recoverable. A person who pays time barred debt, in ignorance of this Act cannot recover it back. In case of appropriation of payment, if debtor does not mentio
Discharge of a Contract - Indian Contract Act
Best Coaching Class Notes by admin (#1) 229 days ago (http://www.youtube.com)
In a contract all parties involved have certain rights and obligations, When a party fulfills the obligations that it has, then it is said to have discharged the contract. This is also called as discharge by performance.
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