INDIAN CONTRACT ACT,1872

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INDIAN CONTRACT ACT,1872

• Presented To-
• Dr. RAJENDRA MISHRA
• Presented By-
• RAJAT REKHI (24-MBA-07)

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INTRODUCTION

• HISTORY
• Came into existence on 1st September ,1872
• Applicable throughout India Except Jammu and
  Kashmir.
• Concerned with -
• Right in Personam.
• Right in Rem.
• OBJECTIVE
• Rights and Obligations arising out of the
  contract are Honoured.
• Remedies are available to aggrieved persons of
  contract.

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DEFINITION

• It is an agreement which creates and defines
  obligation between the parties, will be enforced
  by Court of law.
• According to HALSBURY
• An agreement between two or more persons
  which is intended to be enforceable at law is
  constituted by the acceptance by one party of an
  offer made to him by the other party to do or to
  abstain from doing some act.

CONTRACT

AGREEMNET
LEGAL OBLIGATION
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EXAMPLES OF CONTRACT
PURCHASING MILK
PURCHASING GROCERY
PURCHASING A NEWSPAPER
BOARDING AND PAYING FARE
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COMPONENTS OF CONTRACT

• AGREEMENT
• It come into existence when party offers or make
  a proposal to the other party and the other party
  accepts it, an accepted proposal or a promise.
• OFFER ACCEPTANCE AGREEMENT
  
• LEGAL OBLIGATION
• It is an undertaking to do or to abstain from
  doing some definite act. It is enforceable by
  law.
• EXAMPLE -
• BALFOUR V. BALFOUR

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ESSENTIAL OF VALID CONTRACT

• OFFER AND ACCEPTANCE.
• LAGAL RELATIONSHIP.
• CONSENSUS AD IDEM.
• COMPETANCY OF PARTIES .

• FREE CONSENT.
• LAWFUL CONSIDERATION.
• LAWFUL OBJECT

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ESSENTIAL OF VALID CONTRACT

• NOT DECLARED TO BE VOID.
• CERTAINTY AND POSSIBILITY OF PERFORMANCE.
• LEGAL FORMALITIES.

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CLASSIFICATION OF CONTRACT
CONTRACT

• ENFORCEABILITY
• VALID CONTRACTS
• VOID CONTRACT
• VOID AGREEMENTS
• VOIDABLE CONTRACTS
• UNFORCEABLE CONTRACTS
• ILLEGAL CONTRACTS

• FORMATION
• EXPRESS CONTRACTS
• IMPLIED CONTRACTS
• QUASI CONTRACTS

• PERFORMANCE
• EXECUTED CONTRACTS
• EXECUTORY CONTRACTS
• OR
• UNILATERAL CONTARCTS
• BILATERAL CONTRACTS

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PRACTICAL EXAMPLE
HINDUSTAN COPPER LTD.,KOLKATA
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PRACTICAL EXAMPLE
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PRACTICAL EXAMPLE
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PRACTICAL EXAMPLE
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THANK YOU!