A indian contract act 1872

Competent to contract[ edit ] Section 11 of The Indian Contract Act specifies that every person is competent to contract provided: He should not be a minor i. Difference Between Agreement And Contract Let us see how a contract and agreement are different from each other.

This consideration or object is clearly opposed to public policy and hence the compounding agreement is unlawful and void under Section 23 of the Act.

indian contract act 1872 case laws

Contract Agreement A contract is an agreement that is enforceable by law. It says, "Every person is competent to contract, who is of the age of majority, according to law, which he is subject to also who is of sound mind and who is not disqualified from contracting by any law to which he is the subject" Disqualifications An incorporated company cannot be part of contract.

indian contract act 1872 ppt

Now B comes to know that the glasses are not of the original Rayban brand. Therefore, there must be an agreement and it should be enforceable by law.

A indian contract act 1872

Such Agency is coupled with interest. Difference Between Agreement And Contract Let us see how a contract and agreement are different from each other. The same rules apply where the agent, renounces an agency for a fixed period. Devolution of joint rights When a person has made a promise to two or more persons jointly, then unless contrary intention appears from the contract, the right to claim performance rests, as between him and them, with them during their joint lives, and, after the death of any one of them, with the representative of such deceased person jointly with the survivor or survivors, and, after the death of the last survivor, with the representatives of all jointly. Section 12 says "A person is said to be of sound mind for the purpose of making a contract, if at the time when he makes it, he is capable of understanding it and of forming a rational judgement to its effect upon his interests" A person who suffers from insanity at intervals can enter into a contract, when he is of sound mind. Where, by the contract, a promisor is to perform his promise without application by the promisee, and no time for performance is specified, the engagement must be performed within a reasonable time. It may or may not be enforceable by the law. Since the release has been brought about by coercion, such release is not valid. When consideration to one party to other is to pass subsequently to the maker of the contract, is said to be future consideration. A proposal, when accepted, becomes a promise. A party cannot be allowed to get any relief on the ground that he had done some particular act in ignorance of law. Such contracts are called Quasi-Contracts. Share with friends. Void contract 2 j : A contract which ceases to be enforceable by Law becomes void when it ceases to be enforceable. They are:- -Alien enemy -Foreign sovereigns, diplomatic staff etc.

As A has made the offer proposal A is called the promisor and B has accepted the proposal hence B is called the Promisee. If he does, he is liable to compensate the agent for the loss caused to him thereby.

Section 2 of indian contract act

The money "A" receives is the present consideration. Contract 2 h : An agreement enforceable by Law is a contract. Explanation : Nothing in this section shall prevent a surety from recovering, from his principal, payments made by the surety on behalf of the principal, or entitle the principal to recover anything from the surety on account of payments made by the principal. Hence it is a proposal. A contract is an accepted proposal agreement that is fully understood by the law and is legally defined or enforceable by the law. If it involves injury to a person or property of another: For example, "A" borrowed rs. Consideration may move from the promisee or any other person. Consideration must be something which the promiser is not already bound to do. For example, "A" makes an offer to "B" says to "B" that "if you accept the offer, reply by voice. It says, "Every person is competent to contract, who is of the age of majority, according to law, which he is subject to also who is of sound mind and who is not disqualified from contracting by any law to which he is the subject" Disqualifications An incorporated company cannot be part of contract. It cannot precede an offer. Where he makes a contract with a person whose mental capacity is temporarily or permanently affected by the reason of age, illness or mental or bodily distress" 3. Claim for Necessaries supplied to a person incapable of contracting or on his account Reimbursement of person paying money due by another, in payment of which he is interested Obligation of person enjoying benefit of non-gratuitous act Responsibility of finder of goods Liability of person to whom money is paid, or thing delivered by mistake or under coercion. Past consideration is not consideration according to English law.

Explanation : In estimating the loss or damage arising from a breach of contract, the means which existed of remedying the inconvenience caused by non-performance of the contract must be taken into account.

Well if you follow the steps in the previous section, you will argue that once you and your friend agree on the promise, it becomes an agreement.

Rated 5/10 based on 101 review
Download
Indian Contract Act,