Contract Law

More – Contract Law

OFFER AND ACCEPTANCE

Offer First basic element of a contract is a valid offer or proposal, Section 2 (a) defines “proposal” as:- “When one person signifies to another his willingness to do or abstain from doing anythin…

CONSIDERATION

Consideration – Introduction Consideration is an essential element of a contract without which no single promise will be enforceable. It is a term used in the sense of quid pro quo, i.e., ’so…

TYPES OF CONTRACTS

It may be classified from the following point of view:- (A) On the basis of enforcement (i)  Valid Contract.-“An agreement enforceable by the law is a contract” [Section 2(h)]. Section 10 lays down…

CAPACITY TO CONTRACT

Introduction to capacity to contract In India, the law regarding contracts is majorly the Indian Contract Act of 1872. Therein, capacity is dealt with in Section 11 of the Act. Section 11 says: Who…

FREE CONSENT

Introduction to Free Consent According to Section 13, ” two or more persons are said to be consented when they agree upon the same thing in the same sense (Consensus-ad-idem). According to Se…

MISTAKE

Introduction to Mistake Section 21 of Indian Contract Act, 1872 defines ‘Effect of mistake as to law’ as follows “A contract is not voidable because it was caused by a mistake as to any law in forc…

VOID AGREEMENTS

Introduction to void agreements As per Section 2 (g) of the Indian Contracts Act, an agreement which is said to be not enforceable by law is said to be void. For instance: Agreements by a minor or …

CONTIGENT CONTRACT

Introduction Section 31 of the Indian Contracts Act, 1872 defines a contingent contract as ‘A contingent contract is a contract to do or not to do something, if some event, collateral to such contr…

LEGALITY OF OBJECT

Introduction to Legality of Object Section 23 of the Indian Contract Act has specified certain considerations and objects as unlawful. The consideration or objects of an agreement is lawful, unless…

PERFORMANCE OF CONTRACT

Introduction to Performance of Contract Any contractual relationship creates legal obligations. Performance of a contract means the execution of these obligations. According to Section 37 of the In…

Quasi Contract

Quasi Contract – Meaning and Nature The Indian Contract Act, 1872 also follow the same elements which are followed by the English Contract Act. There is no definition given for quasi-contract…

CONTRACT OF INDEMNITY

Indemnity – Introduction and Meaning The term ‘indemnity’ literally means security against loss. Indemnification refers to the act of being held not liable or being protected from costs by sh…

Contract of Guarantee

Introduction A contract of Guarantee is governed mainly by the provisions of the Indian Contract Act, 1872 (“Contract Act”). Section 126 of the Contract Act defines a it as a contract t…

BAILMENT – Concept and Meaning

Introduction and Meaning Bailment is a kind of activity in which the property of one person temporarily goes into the possession of another. The ownership of the property remains with the giver, wh…

PLEDGE

Meaning and Introduction A pledge is only a special kind of bailment, and chief basis of distinction is the object of the contract. Where the object of the delivery of goods is to provide a securit…

Law of AGENCY

INTRODUCTION In India, the agent and principle share a relationship that is contractual in nature, and therefore it is governed by the terms and conditions of the contract between them. Chapter X o…