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Indian Contract ACT - 1872 1872

This document provides an overview of contract law in India according to the Indian Contract Act of 1872. It defines a contract as an agreement that creates legal obligations between parties. The key elements of a valid contract are offer and acceptance, intention to create legal relations, and consideration. Not all agreements constitute contracts - to do so, there must be intent to create a legal relationship. Contracts can be void, voidable, impacted by flaws like incapacity or illegality. They can be discharged through performance, mutual consent, or other means. The document also discusses specific types of contracts such as indemnity, guarantee, bailment, and pledge.

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Akshita Modi
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57 views15 pages

Indian Contract ACT - 1872 1872

This document provides an overview of contract law in India according to the Indian Contract Act of 1872. It defines a contract as an agreement that creates legal obligations between parties. The key elements of a valid contract are offer and acceptance, intention to create legal relations, and consideration. Not all agreements constitute contracts - to do so, there must be intent to create a legal relationship. Contracts can be void, voidable, impacted by flaws like incapacity or illegality. They can be discharged through performance, mutual consent, or other means. The document also discusses specific types of contracts such as indemnity, guarantee, bailment, and pledge.

Uploaded by

Akshita Modi
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

INDIAN

CONTRACT
ACT - 1872
1872
CONTRACT :(section 2(h))
Every agreement and promise
enforceable at the court of law.

According to Salmond:
“A contract is an agreement creating and
defining the obligations between the parties”.

Hence, a contract is an agreement to do or


not to do an act.
A contract is a combination of two
elements:
 Agreement:
Every promise or set of promise or
set of promises, forming the consideration
for each other, is an agreement.

 Obligation:
An obligation is the legal duty to do or
abstain from doing what one has promised to
do or abstain from doing.
“All contracts are agreements but
all agreements are not contracts”

(a) To constitute a contract, the


parties must intend to create
legal relationship.
(b) The law of contract is the law
of those agreements which
create obligation.
(c) Agreement is genus of which
contract is the specie.
ELEMENTS OF A VALID
CONTRACT

(a)Offer or proposal and acceptance


(b)Intention to create legal relation
(c)Consideration.
CASE ON THIS POINT IS
BALFOUR vs. BALFOUR

a) An agreement to have lunch at a friend’s


house is not an ‘agreement intending to create
legal relations’, agreements between husband
and wife, generally lack the intention of create
legal relations.
VOID CONTRACT
A void contract is one which is
destitute of all legal effects.It is
non existent.

VOIDABLE CONTRACT
A voidable contract is one which
one party can put to an end.
EXAMPLES :
 A, a person of weak intellgence made a gift of
his entire property to B, who was in a position
to dominate him. The gift having been obtained
by undue influence is voidable at the option of
A
FLAWS IN CONTRACT

(a) Incapacity
(b) Mistake
(c) Misrepresentation
(d) Fraud
(e) Undue Influence
(f) Coercion
(g) Illegality
(h) Impossibility
WAGERING AGREEMENTS
Wagering agreements are ordinary
betting agreements.

RESTITUTION
In a void contract if one of the
parties has received any benefit
must restore it.
CONTINGENT CONTRACT
It is a contract to do or not to do
something, if some event collateral
to such contract, does or does not
happen.

QUASI-CONTRACT
It is not a contract at all, it is just
an obligation created by law. It is
also known as implied contract.
DISCHARGE OR TERMINATION

(a) By performance
(b) Mutual consent
(c) Lapse of time
(d) Operation of law
(e) Impossibility of performance
(f) Breach of contract
CONTRACT OF:

Indemnity- A contract by which one party


promises to save the party from loss
caused to him by the conduct of promisor
himself, or by the conduct of any other
person.

Guarantee- A contract to perform the


promise, or discharge the liability of a
third person in case of default.
Bailment- It is a voluntary delivery of
goods for a temporary purpose on the
understanding that they are to be returned
in specie in the same or altered form.

Pledge- Pledge or pawn is a contract


whereby an article is deposited with a
lender of money or promisee as security
for repayment of a loan or performance
of a promise.
THANK
YOU
Compiled By:
Akshita Modi 2k10BFS01
Ameesh Bisaria 2k10BFS02
Anita Suddon 2k10BFS03
Anny Ghosh 2k10BFS04

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