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Law of Contracts-I
What is Law? In physical and natural sciences: In practical and moral sciences:
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Lecture-1
Law of Contracts-I
Classification of Law: Public and Private Private Law: Substantive Law and Adjective Law Right: Right in rem and Right in personam Law of Obligation:
o o o o What is an obligation? Sources of obligation Agreement SLIDE-2 Contract
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Lecture-1
Law of Contracts-I
Juristic concept of contract has two constituent elements: i. Obligation and ii. Agreement
Justification for the enforcement of a contract: i. Principle of moral justification ii. Principle of economic justification (Paton: Credit
depends essentially on ability to rely on the promises of others and can flourish only when there is a fully developed law of contract.)
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Lecture-1
Law of Contracts-I
Law relating to contractsprior to the enactment of the Indian Contract Act 1872 Administration and Application of law by the Mayors Courts, Recorders Courts and the Supreme Courts In Presidency towns In Moffussil Areas
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Lecture-1
Law of Contracts-I
Lecture-1
Law of Contracts-I
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Lecture-1
Law of Contracts-I
Exceptions:
Usage or Custom of Trade Any incident of any contract not inconsistent with the express provisions of this Act
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Lecture-1
Law of Contracts-I
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Contract
upon satisfaction of S. 10
Agreement
consideration
Promise
when accepted
Proposal
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Lecture-1
1. 2. 3. 4. 5. 6. 7.
Law of Contracts-I Essentials of a Contract (S. 10) An agreement [S. 2 (e)]; The agreement should be made by the free consent (Ss 1322); The agreement should be entered into between parties competent to contract (Ss 11-12); It should be for a lawful consideration [Ss 2 (d), 25]; It should be with a lawful object (Ss 23-30); and It should not have been expressly declared to be void. Formalities under different laws: Nothing herein contained shall affect any law in force in India, and not hereby expressly repealed, by which any contract is required to be made in writing or in the presence of witnesses, or any law relating to the registration of documents.
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Lecture-1
Law of Contracts-I
1. 2. 3. 4. 5.
Proposal (Offer) [S. 2(a)] Plurality of persons; Communication of the proposal to the offeree; Object of making the proposal; Terms of the proposal should be certain and clear; and Intention to create legal relationship
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Lecture-1
Law of Contracts-I
Communication of Proposal How is it made? (S. 3) When complete (S. 4) Lalman Shukla v Gauri Datt (1913) 11 All LJ 489 at p.492. Fitch v Snedkar (1868) 38 NY 248 at p.249. R v Clarke (1927) 40 CLR 227. Williams v Carwardine (1833) 4 B & Ad 621.
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