21-11-2012, 01:12 PM
INDIAN CONTRACT ACT,1872
INDIAN CONTRACT ACT,1872.ppt (Size: 56.5 KB / Downloads: 25)
LAW
Law means a ‘set of rules’.
“Law includes all the rules and principles which regulate our relations with other individuals and with the state.”
Law defines as the rules of conduct recognized and enforced by the state to control and regulate the conduct of the people , to protect their property and contractual rights with a view to securing justice , peaceful living and social security.
Contract
According to Sec 2(h) of ICA, 1872,” An agreement enforceable by law is a contract.”
Agreement:
According to Sec 2(e) of the ICA, 1872,”Every promise and every set of promises forming the consideration for each other is an agreement.”
Promise:
According to Sec 2(b) of the ICA,1872,”A proposal when accepted , becomes a promise.”
Essential Elements of a valid contract
According to Sec 10,” All agreements are contract if they are made by the free consent of the parties competent to contract, for a lawful consideration and with a lawful object and not hereby expressly declared to be void.
Elements of valid contract
Proper offer and its proper acceptance.
Intention to create legal relationship.
Free consent
Capacity of parties
Lawful consideration
Lawful Object
Agreement not expressly declared void
Certainty of meaning
Possibility of performance
Legal formalities