INDIAN CONTRACT ACT,1872 Presented To:- Dr. RAJENDRA MISHRA Presented By:- RAJAT REKHI (24-MBA-07)

INTRODUCTION HISTORY HISTORY  Came into existence on 1 st September,1872  Applicable throughout India Except Jammu and Kashmir.  Concerned with :- 1) Right in Personam. 2) Right in Rem. OBJECTIVE OBJECTIVE  Rights and Obligations arising out of the contract are Honoured.  Remedies are available to aggrieved persons of contract.

DEFINITION It is an agreement which creates and defines obligation between the parties, will be enforced by Court of law. It is an agreement which creates and defines obligation between the parties, will be enforced by Court of law. According to HALSBURY; According to HALSBURY; “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.” “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.” AGREEMNET LEGAL OBLIGATION

EXAMPLES OF CONTRACT PURCHASING MILKPURCHASING GROCERY BOARDING AND PAYING FARE PURCHASING A NEWSPAPER

COMPONENTS OF CONTRACT  AGREEMENT It come into existence when party offers or make a proposal to the other party and the other party accepts it, an accepted proposal or a promise. OFFER ACCEPTANCE AGREEMENT + = + =  LEGAL OBLIGATION It is an undertaking to do or to abstain from doing some definite act. It is enforceable by law. EXAMPLE :- BALFOUR V. BALFOUR BALFOUR V. BALFOUR

ESSENTIAL OF VALID CONTRACT  OFFER AND ACCEPTANCE.  LAGAL RELATIONSHIP.  CONSENSUS AD IDEM.  COMPETANCY OF PARTIES.  FREE CONSENT.  LAWFUL CONSIDERATION.  LAWFUL OBJECT

ESSENTIAL OF VALID CONTRACT NOT DECLARED TO BE VOID. NOT DECLARED TO BE VOID. CERTAINTY AND POSSIBILITY OF PERFORMANCE. CERTAINTY AND POSSIBILITY OF PERFORMANCE. LEGAL FORMALITIES. LEGAL FORMALITIES.

CLASSIFICATION OF CONTRACT CONTRACT ENFORCEABILITY  VALID CONTRACTS  VOID CONTRACT  VOID AGREEMENTS  VOIDABLE CONTRACTS  UNFORCEABLE CONTRACTS  ILLEGAL CONTRACTS ENFORCEABILITY  VALID CONTRACTS  VOID CONTRACT  VOID AGREEMENTS  VOIDABLE CONTRACTS  UNFORCEABLE CONTRACTS  ILLEGAL CONTRACTS FORMATION  EXPRESS CONTRACTS  IMPLIED CONTRACTS  QUASI CONTRACTS FORMATION  EXPRESS CONTRACTS  IMPLIED CONTRACTS  QUASI CONTRACTS PERFORMANCE  EXECUTED CONTRACTS  EXECUTORY CONTRACTS OR  UNILATERAL CONTARCTS  BILATERAL CONTRACTS PERFORMANCE  EXECUTED CONTRACTS  EXECUTORY CONTRACTS OR  UNILATERAL CONTARCTS  BILATERAL CONTRACTS

PRACTICAL EXAMPLE HINDUSTAN COPPER LTD.,KOLKATA

PRACTICAL EXAMPLE

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