Category Archives: Contract Law

More – Contract Law

Capacity to Contract | Disqualification of person to contract

In today’s globalized era, the capacity to contract and enter into commercial transactions is one of the most important aspects of the liberalisation policy, which the govt implemented in 1991. Without this right, the forex earning of the country will deplete and it won’t be able to safeguard itself from the external financial shock. So India Contract Act… Read More »

Important Definitions and Terms in Indian Contract Act 1872

Indian Contract Act is one of the most comprehensive commercial laws ever drafted that laid the principle foundation for the smooth transaction of commercial transactions. The scope and the ambit of the Act are so wide with the increasing number of the amendment and complex judicial decisions that to fully grasp the Act in its totality, the meaning… Read More »

Need for Indemnity to Facilitate Commercial Transaction

I. Introduction The article discusses the Need for Indemnity to Facilitate Commercial Transaction. India’s GDP rate for this quarter is 6.8% and with the introduction of new reforms in the recent budget speech of Hon’ble finance minister Nirmala Sitharaman, it can be said that India is aiming for the 5 trillion dollar economy for boosting its economic growth,… Read More »

Historical Evolution of Contract Law in India

To understand the contract act in its present form we have to analyze the historical evolution of contract law taking into account the practices that were prevalent before the enactment came into practice. Introduction – Historical Evolution of Contract Law  Contract act is one of the principal acts governing all the contractual relations not only in the business… Read More »

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

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 Performance of a Contract The… Read More »

Capacity to Contract – Indian Contract Act, 1872

Capacity to Contract means the persons entering the contract should have the ability to do so. 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 Capacity to Contract Capacity to Contract means the… 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.