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Contract Basics

| Kiran (BS) Bettadapur |

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Agreement?

Proposal (Offer)Proposal (Offer) AcceptanceAcceptance ConsiderationConsideration

Zero? (Nudum Zero? (Nudum Pactum)Pactum)

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Valid Agreement?

LawfulLawful

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Dinner Invitation?

StatementStatement No acceptanceNo acceptance

Assumed Assumed acceptance, if no acceptance, if no reply by...reply by...

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Bank Heist

Free ConsentFree Consent

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Car Dealership

Competent to Competent to ContractContract

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Arms Export

Expressly Declared Expressly Declared VoidVoid

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Criteria For Valid Contract

Agreement (Offer + Agreement (Offer + Acceptance + Acceptance + Consideration) with:Consideration) with:

Free ConsentFree Consent Parties Competent Parties Competent

to Contractto Contract Consideration = Consideration =

LawfulLawful Not Expressly Not Expressly

Declared VoidDeclared Void

Statutory Statutory Requirement: Requirement: Contract in Writing, Contract in Writing, e.g., MoA, Trust, e.g., MoA, Trust, Sale DeedSale Deed

Witnesses: Witnesses: Registration ActRegistration Act

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Thank You!