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The Contract Act, 1. Nature and classification of contracts - Essential elements of a valid contract 1. If the party, which had agreed to do something, fails to do that, then the other party has a remedy. Section 2h defines a contract as an agreement enforceable by law. Thus, a contract essentially consists of two elements! There are certain agreements which do not become contract, as enforceability by law is absent, e.
Should be supported by -onsideration from both sides. If there is no consideration, then the contract is nudum pactum or void contract. The basic principle is that a stranger to a contract cannot maintain suit for a remedy.
This rule can be traced to the fact the law of contracts creates 2 us in personam as distinguished from 2 us in rem. Thus Sec. This is an implied contract. Contracts and documents to be in writing: There are certain contracts and documents which are required to be in writing and are to be signed by parties thereto. A 4emorandum of Association of a company registered under -ompanies Act, ' Articles of association of a company registered under -ompany s Act ' Application for shares of a company.
Such obligations are Quasi-contracts. As per S2! Classification accordin to erformance The classifications are! An executed contract is one which has been wholly performed. A unilateral contract is one wherein at the time the contract is concluded, there is an obligation to perform on the part of one party only. A bilateral contract is one wherein there is an obligation on the part of both to do or refrain from doing a particular thing.
Essentials to a valid offer! Essentials of a valid acce tance '. It must be communicated to the offerer. It must be according to the mode, if any, prescribed by the offerer! Eence, Acceptance must be absolute and unqualified Acceptance must be in the mode prescribed! Essentials of consideration '. Thus, if A promises to sell his pen worth ;s. Also, the consideration must be competent, i. A promise to pay wholly or in part a debt It is applicable, when the debt is barred by the Fimitation Act and can be enforced if it is in writing and is signed by the debtor or his authorised agent.
Aifts -onsideration is not applicable for completed Aifts. Some relations prescribed under presumption of undue influence are a" parent H child b" guardian H ward c" doctor H patient d" spiritual guru H disciple e" lawyer H client f" trustee H beneficiary.
The courts in India regard such women as being especially open to undue influence eaning of fraud "Ss. The party defrauded gets additional remedy of The only remedies are rescission and restitution suing for damages caused by. A contract terminates on breach. E4am le of void a reement An agreement made by a minor, agreement without consideration, certain agreements against public policy etc. An agreement made by incompetent parties!
An agreement by way of wager! At most, one party to the contract is bound. A formal agreement between two parties may be rendered unenforceable for a number of legal reasons. It becomes unenforceable later on. Ans1er :efer ,ection 1.
Graud and 4isrepresentation :efer 1. Actual breach occurs where one party refuses to form his side of the bargain on the due date or performs incompletely. The innocent party may sue for damages immediately the breach is announced.
A repudiatory breach does not automatically bring the contract to an end. It is a common law remedy that can be claimed as of right by the innocent party. Sometimes damages are not an adequate remedy and this is where the equitable remedies! Bien plus que des documents. Indian Contract Act Signaler ce document. Dunlop Tire Corp.
It is always safe to put the contracts in writing. Mhelrose De San Juan. Gyan Prakash. Henry Hill. Kenosi Antin Kenosi. Scribd Government Docs.
Cecilia Alejo. Syeda Tousa Zaka. Chin Kuen Yei. Chris Inocencio. Mae Niagara. Dessa Elesterio. Princess Diane Palisoc. Hardeep Kaur. Chai Louise. Clauds Gadzz. Saurav Kumar. Justz Lim. A vyas. Plus de Sachin G. Sachin G. Raj Kumar Bhaumik. Lohumi Deepak. Populaire dans Contract Issue Wages. Mayank Shekhar. Maria Higgins. Chiic-chiic Salamida.
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Catecismo Maior de Westminster - Comentado por Johannes Geerhardus Vos
Indian Contract Act 1871