Indian contract act 1872 Part 1

The Indian Contract Act 1872

Prepared & Presented by

Prof. Shantanu PetheCACSCMA COACH

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Total 12 Chapters (Index)

1. Nature & Kinds of Contracts

2. Offer & Acceptance

3. Consideration

4. Capacity to Contract

5. Free Consent

6. Legality of Object & Consideration

• Continued…..


Total 12 Chapters (Index)

7. Void Agreement

8. Contingent Contracts

9. Quasi Contracts

10. Performance of Contracts

11. Discharge of Contracts

12. Breach of Contracts


1 # Nature & Kinds of Contracts

Law is divided into two Parts

General Principles of Law of Contracts

Special Kinds of Contracts



Important Definitions



Contract (2(h))

“An Agreement enforceable by Law”



Agreement (2(e))

“Every Promise & Set of Promises forming consideration for eachother”



Promise (2(b))

“A Proposal when accepted, becomes a Promise”



Essential Conditions

of

a Valid Contract



Essential Conditions of a Valid Contract

1. There must be an Offer & Acceptance

2. There must be mutual Consent of Parties

3. There must be a Legal Obligation




4. There must be an Free Consent of Parties

5. Parties must be Competent to Contract

6. There must be a Lawful Consideration




7. There must be Lawful Object

8. Agreement must not be declared void by Law

9. The agreement must be Certain

10. The Performance must not be Impossible



Kinds of Contracts



Kinds of Contracts (on Basis of)

Enforceability Formation Performance





• Valid• Void• Voidable• unenforceable





• Express• Implied• Quasi





• Unilateral• Bilateral• Executed• Executory





• Valid• Void• Voidable• unenforceable

• Express• Implied• Quasi

• Unilateral• Bilateral• Executed• Executory



Valid Contract

“A Contract which is enforceable by Law”



Void Contract

“A Contract which ceases to be enforceable by Law becomes void”



Voidable Contract

“A Contract which is enforceable at the option of one or more parties,

But not at the option of All Parties”



Unenforceable Contract

“A Contract which cannot be enforced in a Court of Law”



Express Contract

“A Contract which is made in writing or by words of mouth”



Implied Contract

“A Contract which is made by acts or conduct of Parties, ”



Quasi Contract

“Its not a Contract, but an obligation created by Law in absence of an

Agreement ”



Unilateral Contract

“Contact in which only one Party has to perform his Obligation”



Bilateral Contract

“Contact in which Both the Parties have to perform their Obligations”



Executed Contract

“Contact which has been completely performed by all the Parties to the

Contract”



Executory Contract

“Contact where something remains to be done by the Parties”


Education

Indian contract act 1872 Part 1