Contract

June 30, 2015
Dr. Vaibhav Goel Prof. Faculty of law
1
Contract-1
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June 30, 2015
Dr. Vaibhav Goel Prof. Faculty of law
9

Consideration 2(d)Past/ present/ Future
Sec-25- Without consideration contract are void
Exception
Natural Love and Affection
Promise to compensate voluntary services
Promise to pay time bard debt
Complete Gift
Remission
Agency/Charity
Essentials of Contracts Cont….
June 30, 2015
Dr. Vaibhav Goel Prof. Faculty of law
10
Essentials of Contracts Cont….
Lawful object Sec-23/ Consideration
Exception
Forbidden by Law
Fraudulent
Opposed public policy
Injury to person or property
Immoral
June 30, 2015
Dr. Vaibhav Goel Prof. Faculty of law
11
Classification of the contract
Valid
Void
Void able
Illegal
Unenforceable
June 30, 2015
Dr. Vaibhav Goel Prof. Faculty of law
12
Discharge of Contract
Fulfillment of the Conditions of the agreement
Ways of Discharge of Contracts
Performance
Mutual consent or agreement
Subsequent illegality
Lapse of time
Operation of law
Breach of contract
Actual/ Attempted
Novation, Alteration, Rescission, Remission, Waiver
Impossibility of time, law change, purpose failure, Death, subject matter, others
Anticipatory Breach, Actual Breach
June 30, 2015
Dr. Vaibhav Goel Prof. Faculty of law
14

Thank you for patience !
June 30, 2015
Dr. Vaibhav Goel Prof. Faculty of law
8
Free consent sec.-13-Consensus ad idem
Sec 14- Not free if it is
Sec 15Coercian
Sec 16Undue influence
Sec 17Fraud
Sec 18Misrepresentation
Sec 20Mistake- void if the mistake of both Parties
Sec-21 mistake of law no effect on the contract
Sec22- mistake of one party-Unilateral mistake
No effect if not a mistake U/S-14-18
Exception- Void able if
Mistake with regard to identity
Mistake with regard to the nature of the documents
Essentials of Contracts Cont….
June 30, 2015
Dr. Vaibhav Goel Prof. Faculty of law
13
Remedies for Breach of Contract
Rescission of the contract
Suit for damages
Suit upon quantum merit
Suit for specific performance of the contract
Suit for an injunction
Ordinary, special, exemplary, nominal
June 30, 2015
Dr. Vaibhav Goel Prof. Faculty of law
6
Agreement-promise / set of Promise +consideration for both parties
Termination of the offer
Lapse of Time
Failure to fulfills the conditions
Express rejection
Destruction of the Subject matter/or became illegal
Revocation or withdrawal
June 30, 2015
Dr. Vaibhav Goel Prof. Faculty of law
2
CO +n+Tract
Agreement enforceable by Law is contract.
Agreement- Every promise or set of Promise forming consideration for each other is called Agreement.
Promise- An accepted proposal
Consideration- on the desire of promisor, promisee give something
Enforceable by law
Meaning and Defination of Contract
June 30, 2015
Dr. Vaibhav Goel Prof. Faculty of law
3
Sec 10-
Agreement
Free consent
Contractual Capacity
Consideration Lawful
Object Lawful
Not expressly declared void
Possibility of Contract
Intention to create legal obligation
Other legal formalities

Meaning and Definition of Contract
Sec- 2(h) Agreement enforceable by Law is contract
June 30, 2015
Dr. Vaibhav Goel Prof. Faculty of law
7
Contractual capacity-Sec 11
Not minor/unsound mind/idiot/disqualified by law
Effect of minor contract
No Estoppel
No Liability
NO restitution
No ratification
Contracts for the benefit of minor
Liabilities for the necessaries Sec-68
Essentials of Contracts Cont….
June 30, 2015
Dr. Vaibhav Goel Prof. Faculty of law
5
Agreement-promise / set of Promise +consideration for both parties
Acceptance-Sec 2(b)-show willingness for the offer
Promisor and promisee
Acceptance to the person who made the offer
Acceptance Unconditional and absolute
Communication
Mode of Acceptance
Time of acceptance
June 30, 2015
Dr. Vaibhav Goel Prof. Faculty of law
4
Agreement-promise / set of Promise +consideration for both parties
Offer-Sec 2(a)-wilingness+toget assent
General offer/Specific offer/conditional offer
Definite and certain
Communication
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