Contract Law

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

Unit 1: Introduction to the law of contract

• Historical evolution of contract law in India
• Introduction & Nature of Contract
• Important Definitions and Case Laws
• Important Doctrines – Law of Contract

Unit 2: Formation Of Contract:

• Formation of Proposals and Agreements

1. Offer- Types and Invitation to Treat
2. Intention to Contract- essential?
3. Communication
4. Acceptance
5. Revocation- Meaning and Modes
6. Case Analysis: Carlill v. Carbolic
7. Capacity to Contract

Unit: Consent of the parties

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

Unit: Consideration to Contract

• Consideration
• Exceptions to the rule of consideration
• Privity of Contract and Consideration

Unit: Limitations on freedom of contract

• The lawfulness of object and consideration
• Voidable agreements
• Void agreements
• A Brief Analysis On Wagering Agreements

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

Unit: Performance Of Contract And Discharge

• Contracts which must be performed
• Who should perform?
• Time of performance
• Place of performance
• Subsequent impossibility or unlawfulness- effect
• Contingent Contracts: Concept and Scope 
• Contracts which need not be performed

Unit: Quasi Contracts And Claim For Compensation

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

Unit: Consequences Of Breach Of Contract

• Extent of damage
• Liquidated and Unliquidated damages
• Indemnity
• Concept/Definition of Indemnity
• Need for indemnity to facilitate commercial transactions
• Insurance contract and Indemnity in India
• Right of Indemnity Holder
• Nature of Indemnity clauses
• Remedies For The Breach Of Contract

Unit: 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

Unit: Bailment

• Bailment – Concept and Meaning
• 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

Unit: 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 the Indian Contract Act

Unit: 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

Unit: Specific Relief Act

• Recovering possession of the property
• Specific performance of contracts
• Rectification of instruments
• Remedies available under the Specific Relief Act, 1963

Rescission of contracts

• Cancellation of Instruments
• Declaratory decrees
• Preventive relief.

Unit: Partnership Act

• Concept/ Definition of Partnership
• Partnership & Private Limited Company : Advantages & Disadvantages
• Properties of the Firm
• Formation of Partnership
• Test of Partnership
• Partnership and other associations
• Implied authority of a partner
• Mutual Relationship between Partners
• Registration of Firms
• 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

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1. 1. Essential Elements of a Valid Contract
   2. Offer And Acceptance
   3. Capacity of Contract
   4. Types of Contract
   5. Free Consent
   6. Legality of Object
   7. Void Agreements
   8. Fraud, Misrepresentation and Mistake under Indian Contract Act
   9. Mistake
   10. Performance of Contract
   11. Promissory Estoppel – Meaning and Explanation
   12. Quasi Contract
   13. Contract of Indemnity
   14. Contract of Guarantee
   15. Surety’s Liability: Judicial Interpretation
   16. Pledge
   17. Law of Agency

 

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