INDIAN CONTRACT

ACT-1872
HISTORY OF INDIAN CONTRACT
ACT - 1872
Enforced w.e.f. September 1, 1872.
Applicable to whole of INDIA except
J&K
Concerned with rights in PERSONAM
As distinguished from rights in REM
A CONTRACT is an agreement creating and defining
obligations between the parties

According to HALSBURY, it is, an agreement between two or
more persons which is intended to be enforceable at law & is
constituted by the acceptance by one party of an offer made
to him by the other party to do or to abstain from doing some
act.










COMPONENTS OF CONTRACT


An Agreement
It involves proposal or offer by one party and acceptance of the
same by the other party.


AGREEMENT = OFFER + ACCEPTANCE
Enforceable at law
An agreement to become a contract must give rise to legal
obligations. It must create legal relations and not merely social
or domestic relations.
CONTRACT = AGREEMENT+ENFORCEABILITY AT LAW
Leading Case: BALFOUR V. BALFOUR
ELEMENTS OF A VALID CONTRACT

Offer and acceptance
Intention to create legal relationship
Lawful consideration QUID PRO-QUO
Capacity of parties (Sec. 11)
Minor
Persons of unsound mind
Persons disqualified by law to which they are subject

Free consent (Sec. 13)
Coercion Undue Influence
Fraud Misrepresentation
Mistake

Lawful object
if forbidden by law
of such nature that if permitted it would defeat the provisions of
any law

Elements of a valid
contract
fraudulent
involves injury to person or property
Court regards it immoral or opposed to public policy

Certainity of meaning
Possibility of performance
Not declared to be void or illegal
Legal formalities
CLASSIFICATION OF CONTRACTS

VALID CONTRACTS

VOID CONTRACT
VOID AGREEMENTS
VOIDABLE CONTRACTS
UNFORCEABLE CONTRACTS
ILLEGAL CONTRACTS

EXECUTORY CONTRACTS
EXECUTED CONTRACTS

EXPRESS CONTRACTS
IMPLIED CONTRACTS
QUASI CONTRACTS
ENFORCEABILITY
PERFORMANCE
FORMATION
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