Category Archives: Contract Law

More – Contract Law

Types of Contracts – Indian Contract Act, 1872

Types of Contracts | Overview Introduction Types of Contracts on the basis of its enforcement Valid Contract Voidable Contract Void Contract Unenforceable Contract Illegal/unlawful Contract Types of Contracts on the basis of mode of creation Express Contracts Implied Contracts Quasi-Contract Types of Contracts on the basis of the extent of execution Executed Contracts Executory Contract Unilateral Contract Bilateral… Read More »

Performance of a Contract – Indian Contract Act, 1872

Performance of a Contract In general, an agreement between two parties that creates legal obligation and is enforceable by law is a contract. For entering into a contract, there are certain essentials- Agreement between two parties The intent of Legal obligation Lawful consideration The condition should be certain with a legal object Free Consent Competency of parties The… Read More »

Capacity to Contract – Indian Contract Act, 1872

Capacity to Contract An agreement enforceable by law is a contract.[2] Such an agreement creates an obligation between the parties and is enforceable by law. For entering into a contract, there are certain essentials- Agreement between two parties The intent of Legal obligation Lawful consideration The condition should be certain with a legal object Free Consent Competency of… Read More »

Offer and Acceptance (Overview)

The most basic and essential element of a valid contract is that there should be an offer made and an acceptance of the same. The intention to create a legal obligation is necessary for the existence of a valid contract.

Exception to the Rule of Consideration

The exception to the rule of consideration squarely falls within the purview of the statute. Indian Contract Act in section 25, categorically provides for the three situations whereby the requirement of consideration ends. It is natural to love, affection, voluntary service and payment of the time-barred debt. Introduction As defined under §2 (d) of the Indian Contract Act… Read More »

Voidable Agreements

Meta Description Voidable Agreements are the midway between valid and void. The bridge between total legality and total nullity is voidability. The law prescribes certain situations and conditions where an agreement becomes voidable. The very word itself suggests the meaning: Something which is able of being void. Key Words Voidable, Void, Agreement, Contract.   Voidable agreements. Introduction Generally,… Read More »

Extent of Surety’s Liability: Judicial Interpretation

The surety’s liability, as provided in Section 128, is co-extensive with that of the principal debtor. However, it is not a hard and fast rule. The liability need not always be co-extensive, but if there is no limit on the extent of liability, it would be co-extensive with that of the principal debtor. Read about the extent of… Read More »

Remedies available under Specific Relief Act, 1963

INTRODUCTION In order to provide reliefs in cases relating to contracts, torts and other cases Specific Relief Act, 1877 was enacted. This legislation had become necessary because the Indian Contract Act,1872 provided only the relief of compensation in case of breach of contract. It was found that there might be situations wherein the grant of compensation would not… Read More »

Remedies For The Breach Of Contract

Introduction Discharge of contract means termination of the contractual relationship between the parties. There are listed methods through which a contract can get discharged, and out of which discharge by breach of contract is an essential method. Breach means failure of a party to perform his or her obligation under a contract. Discharge by breach of contract means when… Read More »