Indian Contract - Consumer Law and Taxation - Lecture Slides, Slides of Law

Download Indian Contract - Consumer Law and Taxation - Lecture Slides and more Slides Law in PDF only on Docsity! 26-09-2011Wednesday, 23 January 2013 1 The Indian Contract Act 1872 Docsity.com  A CONTRACT is an agreement creating and defining obligations between the parties  According to HALSBURY, it is, “an agreement between two or more persons which is intended to be enforceable at law & is constituted by the acceptance by one party of an offer made to him by the other party to do or to abstain from doing some act.” 1/23/2013 2 Docsity.com ESSENTIAL ELEMENTS OF A VALID CONTRACT (SEC.10) 1.O0FFER & ACCEPTANCE. 2.INTENTION TO CREATE LEGAL RELATIONSHIP. 3.NOT EXPRESSLY DECLARED TO BE VOID 4.LAWFUL CONSIDERATION. 5.CAPACITY TO CONTRACT. 6.FREE CONSENT. 7.LEGALITY OF OBJECT. 8.POSSIBILITY OF PERFORMANCE. 9.LEGAL FORMALITIES (Writing & Registration). VALID CONTRACTS Absolute contract Contingent contract(Sec. 31-36) Express contract  Implied/Quasi contract(Sec.68- 72) Docsity.com Valid contract - If all the condition are fulfilled it is called as a valid contract. Contingent contract - In a contract to do or not to do something, if an event is collateral, does or doesn't happen. Express contract - When contracts are either in writing or in oral. Implied contract - When contracts are neither in writing nor in oral. Absolute contract - A contract which is not dependent on fulfillment of any condition. Docsity.com Illegal contract - An agreement forbidden by law. Unenforceable contract - It is valid but due to some technical defect the contract becomes void. In case defects are removed the contract is enforceable.(lack of registration, lack of signature etc.,) Voidable contract - A contract which is valid unless until avoided by either of the party. Docsity.com OTHER TYPES OF CONTRACTS •Executed contract •Executory contract •Unilateral contract •Bilateral contract Docsity.com Executed contract - In a contract where both the parties have performed their obligation, there is nothing remaining to be performed. Executory contract - In a contract where both the parties are yet to perform their obligation. Unilateral contract - In a contract one party has performed his obligation and other person is yet to perform his obligation. Bilateral contract - In a contract where both the parties have performed their obligation. Bilateral & Executory are same and inter - changeable. Docsity.com