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Indian Act

The Indian Contract Act, 1872 outlines the legal framework for contracts in India, detailing the essentials for a valid contract, including offer and acceptance, lawful consideration, and free consent. It categorizes contracts into various types such as void, voidable, and illegal agreements, and discusses specific contracts like indemnity, guarantee, bailment, and agency. The Act also addresses breach of contract and available remedies, emphasizing the importance of lawful object and consideration.

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13 views3 pages

Indian Act

The Indian Contract Act, 1872 outlines the legal framework for contracts in India, detailing the essentials for a valid contract, including offer and acceptance, lawful consideration, and free consent. It categorizes contracts into various types such as void, voidable, and illegal agreements, and discusses specific contracts like indemnity, guarantee, bailment, and agency. The Act also addresses breach of contract and available remedies, emphasizing the importance of lawful object and consideration.

Uploaded by

nilamanidasrohidas2022
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Handwritten-Style Notes on Indian Contract Act

1. Introduction to Indian Contract Act, 1872

The Indian Contract Act, 1872 governs the law of contracts in India. It defines what

constitutes a

contract, essentials of a valid contract, and the consequences of breach. It is divided into two

parts: general principles and special kinds of contracts like indemnity, guarantee, bailment,

pledge, and agency.

2. Essentials of a Valid Contract

1. Offer and acceptance 2. Lawful consideration 3. Capacity to contract 4. Free consent 5.

Lawful

object 6. Not declared void 7. Possibility of performance 8. Legal formalities (if any)

3. Offer and Acceptance

Offer must be clear, communicated, and capable of acceptance. Acceptance must be absolute,

unqualified, and communicated. Offers can be general or specific. Silence is not acceptance.

4. Consideration

Consideration is something in return. It must be lawful, real, and not past. 'No consideration,

no

contract' has exceptions like natural love and affection, compensation for past voluntary

service,

etc.

5. Capacity to Contract

A person must be of the age of majority, of sound mind, and not disqualified by any law.

Minors,

lunatics, and drunk persons are not competent to contract.


6. Free Consent

Consent is free when not caused by coercion, undue influence, fraud, misrepresentation, or

mistake.

Lack of free consent makes a contract voidable.

7. Lawful Object and Consideration

The object and consideration must not be illegal, immoral, or opposed to public policy. Illegal

agreements are void.

8. Void, Voidable, and Illegal Agreements

Void: Not enforceable by law Voidable: Enforceable by one party Illegal: Forbidden by law

and void

9. Contingent and Quasi Contracts

Contingent contracts depend on a future uncertain event. Quasi contracts are imposed by law

to

prevent unjust enrichment.

10. Performance and Discharge of Contracts

Contracts can be discharged by performance, mutual agreement, impossibility, lapse of time,

operation of law, or breach.

11. Breach of Contract and Remedies

Remedies include damages, specific performance, injunction, quantum meruit, and rescission.

Types of

damages: general, special, punitive, and nominal.

12. Contract of Indemnity and Guarantee

Indemnity: One party promises to save the other from loss. Guarantee: A third party promises

to
fulfill the obligation if the principal debtor fails.

13. Contract of Bailment and Pledge

Bailment: Delivery of goods for some purpose with the condition of return. Pledge: Bailment

where

goods are kept as security for payment of a debt.

14. Contract of Agency

Agency is a relationship where one person (agent) acts on behalf of another (principal). Can be

created by express authority, implied authority, or necessity.

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