indian contract project)
TRANSCRIPT
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CONTRACT LAW
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What is an Agreement?
Basically a set of promises Infinite Scope
May not always be enforceableby law
Offer + Acceptance = Agreement Eg: Zen offers to take Vivan for
a movie and Vivan agrees to go.This results in an Agreement.
As per Section 2 (e) : Everypromise and every set ofpromises, forming theconsideration for each other, inan agreement.
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What is a Contract?
An Agreement enforceable by law. Offer + Acceptance + Enforceability =
CONTRACT
If any party fails to perform theirobligations, the innocent party can go
to court.
Scope of Contract is limited.
As per Section 2 (h) : An agreementenforceable by law is a Contact.
Eg: TATA Company offers to sell Nanocar at Rs. 100000/- to Saloni. Saloniagrees to buy but later refuses to pay.TATA Company being the innocent partycan go to the court for enforcingSaloni to perform.
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Essentials of a Contract
Offer
Acceptance
Legal relationship
Capacity
Free Consent
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Essential of Contract contd.
Object Lawful
Consideration
Not Void
Capable of Performance
Legal formalities
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Classification of Contracts
Classificationof Contracts
Execution Enforceability Creation
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Contracts on the basis of
Execution
Both parties have performed theirobligationsExecuted
Both parties still to perform their obligations
Performance is in the futureExecutory
One of the party has fulfilled its obligations
Other party yet to fulfill
PartlyExcecuted/Executory
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Contract on the basis of
Enforceability
Valid Contract
Void Contract
Void Agreement
Voidable Contract
Illegal Agreement
Unenforceable Contract
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Contracts on the basis of
Creation Contract made by words
spoken or written or both
or by miming
Express
Contract
Contract inferred fromconduct of a person orfrom circumstances
ImpliedContract
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Proposal/Offer
S.2(a) defines a proposal as:
When one person signifies to another his
willingness to do or abstain from doing
anything, with a view to obtaining the assent
of that other to such act or abstinence, he is
said to make a proposal.
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Legal Rules Regarding Offer
Rules of anOffer
Intention tocreate legal
relation
Communication
Certain
Different frommere declaration
of intention
Different fromInvitation
Special terms
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Kinds of Offer/Proposal
It is an offer made to the public in general and anyonecan accept it.
GeneralOffer
The offer is made to a specific person.Specific
Offer
When two parties exchange identical offers in ignoranceof each others offer. In this case no contract comes intoexistence, as the other cannot consider ones offer asacceptance
Cross Offer
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When the offeree accepts the offernot per se but by the rejection ofthe original offer
Counter Offer
It allowed to be open for
acceptance over a period of time
Standing/Continuing
Offer
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Modes of Revocation of an Offer
1. By notice
2. By death/insanity of the offerer/offeree
3. By lapse of time
4. By not accepting in the prescribed mode or usualmode
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Modes of Revocation of anOffer(contd)
5. By failure to accept condition precedent
6. By counter offer
7. By rejection of offer by offeree
8. By subsequent illegality or destruction of subject
matter of the offer
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Acceptance
S. 2(b) defines acceptance as
When a person to whom the proposal is made
signifies his assent thereto, the proposal issaid to be accepted. A proposal when
accepted becomes a promise.
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Conditionsfor Valid
Acceptance
Who canaccept
Mode ofacceptance
Absolute
Communication
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Conditionsfor Valid
Acceptance
Time Limit
Mentalacceptance is no
acceptance
Beforelapse of
offer
No acceptancewithoutKnowledge of
offer
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Communicationof offer and
acceptance
Completion ofcommunication
of offer
Completion ofcommunicationof acceptance
Communication of Offer and
Acceptance
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As r S cti
The communication of a proposalis complete when it comes to the
knowledge of person to whom it is
made.
Communication of
Offer
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As Per Section 4As i st t e r ser,
e it is t i c rse f tr s issi t i , s s t be
t f t e er f t e cce t r,
s i st t e cce t r, e it c es t t e k le e f t e
r ser.
Communication ofAcceptance
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THANK YOU
Kanav Gupta, 78
Anuj Veer Singh, 67
Riyank Mehta, 100
Sneha Punjabi, 101
Uthayya Aiyappa, 112
Rohan Kaul, 89
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