The indian contract act 1857

1. The Indian Contract Act
Elements of Valid Contract
1. Offer and Acceptance
2.Consideration with lawful
object
3.Intention to create legal
obligation
4.Free Consent
5.Capacity of Parties
6.Enforceable by Law
7.Writing and Registration
Types of Contract
1.Voidable Contract
2.Void Contract
3.Unenforceable Contract
4.Express Contract
5.Passive Contract
6.Executed Contract
7.Implied Contract
8.Quasi Contract
9.Contingent Contract
10.Executory Contract
Agreement (Section 2 (c))
Every Promise and set of Promises, Forming the
Consideration for each other is called Agreement.
Conditions for Contract
Becoming Void
1.Undue Influence
2.Fraud
3.Misrepresentation
4.Coercion
Agreement= Offer + Acceptance
Contract= Agreement + Enforceability by law
Wager- An agreement between two parties to the effect that if a given uncertain
event occurs one party shall pay certain sum to other party, There is no insurable interest
Discharge of Contract- Termination of Contract,
The rights and obligation comes to an end.
Actual Breach of Contract-When during the
performance of the contract or when performance is due, one
party either fails or refuses to perform his obligations
Law of Agency (Section
182)
How is Agency Constituted?
Agency by Agreement
Agency by Necessity
Agency by Estoppel
Agency by operation of law
Agency by Ratification