Indian Contract Act 1872 Flashcards
Number of sections in Indian contract Act
The Act has 266 Sections and has wide scope
Indian contract act was formed in?
1872
How many parts are in Indian contract Act?
It has two parts.
Parts one deals in?
Sections?
Part one covers the General Principles of Law of Contract (Sections 1 to 75).
Part one is contract
Parts two of Indian contract act deals in?
Part two covers special contracts like Indemnity, Guarantee, Bailment & Pledge from Sections 124 to 238
Special contract
Sections 239 to 266 deals in?
The contracts relating to Partnership are covered in Sections 239 to 266.
Section 2 contains?
Section 2 covers various definitions like
what is Offer/Proposal,
Promise,
Acceptance,
Promisor and Promise,
Consideration,
Valid Agreement,
Void Contract,
Voidable Contract etc.
Which section explains about what is Offer in ICA 1872
Section 2(a)),
the essential elements of an offer,
legal rules of valid offer, differentiate between offer and invitation to offer, lapse of an offer, kinds of offer like express offer, implied offer, specific offer, general offer, cross offer, counter offer, standing open and continuous offer etc.
Which section gives idea about acceptance
Section 2(b)
what is Acceptance, the legal rules of Acceptance, general rules as to communication of Acceptance.
After offer comes acceptance
Section talking about void agreement
Section 2(g) gives detail about Void Agreement.
What else is covered?
The laws related to
Fraud,
Wagering Agreement,
Illegal Agreement,
Contingent Contact,
Performance of Contract,
Types of Tender,
Discharge of Contract,
Remedies for the Breach of Contact,
Quasi Contract etc
are exclusively covered in the act.
(Contract agreements fraud)
Section 2(e) & 2(h) of Indian contract act deals with? Section 2(g)
Agreement (Section 2(e)),
Contract (Section 2(h)),
Section 2(g) gives detail about Void Agreement.
Law of Agency is mentioned in which section?
It is exclusively covered in Section 182 in The Indian Contract Act, 1872.
What is law of agency?
The law of agency is an area of commercial law that deals with a set of contractual relationships that involves between agent and principal.
Who’s agent and principal as per law?
As per the law, an ‘agent’ is a person employed to do any act for another, or to represent another in dealings with third person. The person for whom such act is done, or who is so represented, is called the ‘principal’.
Whatever the procedure followed and forms adopted for conclusion of contracts the same have to fulfill the provision of certain basic laws of the country, these law are:
i) Law of Contract
ii) The Law relating of Sale of Good and
iii) Where contracts provide for settlement of disputes by arbitration. The law
relating to Arbitration.
The Indian Law of Contract is contained in
Promises, express and implied
Which act?
the Indian Contract Act,1872
(Act IX of 1872)
there are other legislation/Acts relating to particular types of contracts
The transfer of Property Act.
The Sale of Goods Act etc.
DEFINITION OF A CONTRACT
An Agreement enforceable by Law is a contract.
It follows from this definition that every contract must be based on an agreement must be such as is enforceable by law.
ESSENTIAL ELEMENTS IS A CONTRACT
a) OFFER AND ACCEPTANCE – A lawful offer shall be made by party and the same lawfully accepted by another.
A lawful offer is one which:
i) Discloser an intention to create legal relations and is capable of creating such relations.
ii) Is framed in definite and clear terms and is not vague.
iii) May be general or specific, express or implied, positive or negative.
iv) Is distinct and different from a answer to a question or an invitation to an offer or a statement of intention.
v) Is made with a view to obtaining the consent of the other party to contract
abstinence there from which the offerer is willing to do.
vi) Is properly communicated including special conditions, if any attachment
thereto.
Expressed vs implied
The contract may be (i) made in writing or by word of mouth or (ii) inferred from the conducr of the parties or circumstances of the case. The first category of contract is termed as ‘express contract’ and the second as ‘implied contract’ ‘
Quasi contract
This is technically not an contract but In this rights and obligations arise not by an agreement between the parties but by operation of law.
Consideration
consideration as when at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or to abstainporn doing something, such act or abstinence or promise is called a consideration for the promise.
