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Title: Business Regulatory Framework - Indian Contract Act and Elements of Contract
Description: These are the notes of Business Regulatory Framework of Bachelor's of Commerce of 1st year 2nd Semester. These notes consists of Indian Contract Act, meaning, definition, difference between Agreement and Contract and Elements of Contract. The notes are short and precise and easy to understand
Description: These are the notes of Business Regulatory Framework of Bachelor's of Commerce of 1st year 2nd Semester. These notes consists of Indian Contract Act, meaning, definition, difference between Agreement and Contract and Elements of Contract. The notes are short and precise and easy to understand
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INDIAN CONTRACT ACT , 1872
● Indian Contract Act, 1872 governs Law
relating to Contract in India
...
● This act is applicable in whole India
...
● This act came into effect from 1st September,
1872 and applies to contact in India
...
● Indian Contract Act, 1873 was drafted by
Indian Law Commission
...
● The act was enacted to provide legal
framework for business and individuals
...
Contract
When agreement is enforceable by law
...
Offer and Acceptance (Section 10)
● Must be lawful offer by one party
● Lawful acceptance by other party
● Offer and Acceptance must be clear and
communicate to each other
...
Lawful Consideration Section 2 (d)
● There must be something of value exchange
between the parties
...
3
...
● If there is any vitiation of consent, contract
may be voidable
...
Lawful Object (Section 23)
● Purpose of the contract must be lawful and
should not be illegal
...
Not Expressly Declared Void/Illegal
(Section 24 and 56)
● Contract must not be expressly declared void
by the law
...
6
...
● Not disqualified by loans
...
Certainty and Possibility of Performance
(Section 29)
● Terms must be clear and possible to perform
...
Intention to create legal relationships
● Intention must be to create legal relations
...
Legal Formalities
● Formalities such as registration and
documents
...
Two Parties
● Should be at least two parties to create
contract
Title: Business Regulatory Framework - Indian Contract Act and Elements of Contract
Description: These are the notes of Business Regulatory Framework of Bachelor's of Commerce of 1st year 2nd Semester. These notes consists of Indian Contract Act, meaning, definition, difference between Agreement and Contract and Elements of Contract. The notes are short and precise and easy to understand
Description: These are the notes of Business Regulatory Framework of Bachelor's of Commerce of 1st year 2nd Semester. These notes consists of Indian Contract Act, meaning, definition, difference between Agreement and Contract and Elements of Contract. The notes are short and precise and easy to understand