1. Citizen Point of View Lawyer Legislator Judge
Definition of Law
Citizen Point of View
Lawyer
Legislator
Judge

2. Definition of Law
Rules of conduct if recognized by state & enforced by it on people are termed as law

3. English Mercantile law Statute Law Judicial Deacons Customs & Usages
Sources of Law
English Mercantile law
Statute Law
Judicial Deacons
Customs & Usages

4. Definition of Agreement
Every promise and every set of promises forming consideration for each other

5. Essentials of Valid Contract
Offer & Acceptance
Intention to create legal relationship Balfour Vs Balfour
Lawful Consideration
Capacity of Parties
Free Consent
Lawful Object
Agreement not declared void
Certainty & possibility of performance
Legal formalities

6. Classification of Contracts
Voidable Contract
Void Contract
Illegal Agreement
Unenforceable Contract
Express Contract
Implied Contract
Executed Contract
Executory Contract
Unilateral Contract

7. Offer & Acceptance Legal rule as to offer
Should give rise to legal obligations
Terms must be definite Taylor vs Portington
Offer be different from intention
Must be communicated Lalman vs Gauri dutt
Should be with intention to receive assent
No terms of non-compliance
Statement of price not an offer

8. Special terms in contract
Parker vs SE Rail
Cross offers

9. Legal Rules as to Acceptance
It must be absolute Neale vs Merret
Must be communicated Brogden vd Metroploitan Rail Co
According to mode prescribed
Reasonable time
It cannot precede an offer
Must have intention to fulfill terms of the promise
Acceptance only by party to whom offer is made
Accept before offer lapses
Cannot be implied from silence

10. Communication of offer, Acceptance and Revocation

11. Free Consent There is free consent in the absence of Coercion
Undue influence
Fraud
Misrepresentation
Mistake

12. Mistake is of two types Mistake of law Mistake of fact

13. 1. Mistake of law of the country 2. Mistake of the foreign country

14. 1. Bilateral Mistake 2. Unilateral Mistake
Mistake of Fact
1. Bilateral Mistake
2. Unilateral Mistake

15. Bilateral Mistake 1. Mistake as to the subject matter
2. Mistake as to the possibility of performance

16. Mistake as to the subject matter
1. Mistake as to the existence of subject matter Case Courturier vs Hastie
2. Mistake as to the identity of subject matter Raffel vs Wichelhaus
3. Mistake as to the quality of subject matter nicholson vs smith
4. Mistake as to the quantity of subject matter
5. Mistake as to the title of subject matter
6. Mistake as to the price of subject matter

17. Unilateral Mistake 1. Mistake as to the identity of the person
2. Mistake as to the nature of the contract

18. Effect of Coercion 2. Threat to commit suicide

19. Undue influence Effect of Undue influence 2. Burden of proof
3. Rebutting of the presumption

20. Misrepresentation & Fraud
Requirements of misrepresentation
Material fact
It must have induced
Must have acted
It is wrong & person making believes it to be true
No intention to deceive
Need not be made directly

21. Fraud The statement is not true and person making it knows about it
Active concealment of fact
Promise made with no intention to perform
Any act to deceive
Any act declared to be fraudulent

22. Consequences of Misrepresentation
Can rescind the contract
Insist to be placed in the same situation

23. Essentials of fraud There is representation which is false
The representation must relate to material fact
Representation made before conclusion of contract
Had the knowledge that it is false makes it recklessly
The party acted on it
Must have been deceived
Suffered a loss