Contract Law

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The Indian Contract Act was enacted in 1872, and it came into force on September 1, 1872. This Act is based on English common law consisting of judicial precedents. The Act is not exhaustive as it does not deal with all the branches of the contract law, like contract relating to negotiable instruments, transfer of property, the sale of goods, partnership, insurance, etc.

Important articles and study material on Contract Law – Click on the link to Read

Module 1

1. Historical evolution of contract law in India
2. Introduction and Nature of Indian Contract Act, 1872
3. Meaning of contract and other definition as per Indian Contract Act, 1872
4. Types of Contract

Module 2

1. Offer and Acceptance (Overview)
2. Offer- Types and Invitation to Treat
3. Acceptance
4. Revocation- Meaning and Modes
5. Capacity to Contract

Module 3

1. Consent of the parties

• Meaning and ingredients of “Free Consent”
• Effect of Coercion, Undue Influence, Fraud, Misrepresentation
• Effect of Mistakes

Module 4

1. Consideration Under the Indian Contract Act 1872
2. Exception to the Rule of Consideration
3. Lawfulness of Consideration
4. The Lawfulness Of Object And Consideration

• Privity of Contract and Consideration

Module 5

1. Voidable agreements
2. Void agreements
4. Wagering Agreements

Module 7

• Formation of E-Contracts
• Formation of contract by Click Wrap, Shrink Wrap and Via Exchange of E Mails
• Jurisdictional Issues
• UNCITRAL Model of Law on Electronic Commerce 1996
• Information Technology Act, 2000

Module 8

• Contingent Contracts: Concept and Scope
• Applicability to Options and Derivatives

Module 9: Performance Of Contract And Discharge

• Contracts which must be performed
• Who should perform?
• Time and Place of Performance
• Subsequent impossibility or unlawfulness- effect
• Contracts which need not be performed

Module 10

1. Quasi Contracts And Claim For Compensation

• Claim for necessaries
• Reimbursement of person paying money due by another
• Obligation of person enjoying benefit of non-gratuitous act
• Responsibility of finder of goods
• Liability of person to whom money paid by mistake or under coercion

Module 11

1. Consequences Of Breach Of Contract

Module 12

Indemnity

• Concept/Definition of Indemnity
• Need for indemnity to facilitate commercial transactions
• Insurance contract and Indemnity in India
• Rights of Indemnity-Holder
• Nature of Indemnity Clauses

Module 13

• Guarantee
• Concept/Definition of Guarantee
• Basic essentials for a valid guarantee contract
• Nature, Duration & Termination of Surety’s liability
• Various judicial interpretations to protect the surety
• Co-Surety and manner of sharing liabilities and rights

Module 14

• Bailment
• Concept/Definition of Bailment
• Bailment contracts in day to day life
• Kinds of Bailment contract
• Duties of Bailor and Bailee towards each other
• Rights of Bailor and Bailee
• Finder of goods as a Bailee

Module 15

1. Pledge

• Concept/Definition of Pledge
• Pledge & Bailment : difference & comparison
• Rights of the Pawner & Pawnee
• Right of sale of the pledged goods
• Pledge by certain specified persons mentioned in Indian Contract Act

Module 16

• Agency
• Concept/Definition of Agency
• Different kinds of Agent
• Distinction between Agent & Servant
• Various methods of creation of agency
• Liability of the principal for acts of the agent including misconduct & tort

Module 17

• Introduction to the Specific Relief Act
• Recovery of Possession of Property
• Specific Performance of Contracts
• Rectification of instruments
• Rescission of contracts
• Cancellation of Instruments
• Declaratory Decrees
• Preventive Relief

Module 18

Partnership Act

• Partnership: Concept, Definition and Essentials
• Partnership & Private Limited Company : Advantages & Disadvantages
• Properties of Firm
• Formation of Partnership | Indian Partnership Act, 1932
• Test of Partnership: Explanation, Components & Case Laws
• Partnership and other associations
• Implied authority of a partner
• Mutual Relationship between Partners
• Registration of Firms and the Effect of non-registration
• Rights and duties of Partners
• Kinds of partners
• Minor as a partner
• Relation of Partners to third parties
• Admission & Outgoing of Partners
• Registration & Dissolution of Partnership
• Reconstitution of a firm

1. Fraud, Misrepresentation and Mistake under the Indian Contract Act
2. Promissory Estoppel – Meaning and Explanation
3. Surety’s Liability: Judicial Interpretation
4. A Brief Analysis On Wagering Agreements
5. Remedies For The Breach Of Contract
6. Remedies available under the Specific Relief Act, 1963