Professional Documents
Culture Documents
Before
Contract
After
Definition
Section
2(h)
An agreement enforceable by law is a
contract.
Formulae
Agreement
Contract
= Proposal + Acceptance
= Agreement + Enforceability By
Law
Kinds Of Contract
Valid
Contract
Voidable Contract
Void Contract
Contingent Contract
Unenforceable Contract
Executed Contract
Executory Contract
Express Contract
Implied Contract
Quasi Contract
Acceptance
Consideration
Free
Consent
Competent
Lawful
parties
object
Agreements
Legal
formalities
Certainty
Intention
Enforceability
by law
Offer / Proposal
When
Promisor / Promisee
The
or Implied
Must contemplate to give rise to legal
consequences and capable of creating
legal relations
Certain not loose or vague
Invitation to offer is not an offer
May
be general or specific
Must be communicated to the offeree
Can be made subject to any terms and
conditions
Should not contain term the non
compliance of which amount to
acceptance
two identical cross offers do not constitute
a contract
Lapse of offer
not
Acceptance
Sec2(b)when
not be qualified
express or implied
must be communicated to the offeror
acceptance cannot precede offer
must be made within a reasonable time
acceptance cannot be implied from
silence
Consideration
Consideration
Benefit
Agreement
Exceptions
Agreement
affection
Promise to compensate past voluntary
services.
Promise to pay time barred debt- fresh
agreement is made without consideration
Agency
Gift
Free Consent
Consent
is not free
when it is obtained by
Coercion
Undue influence
Fraud
Misrepresentation
Mistake
Competent Parties
Following
Minors
Persons
of unsound mind
Idiots
Lunatics
Drunkards
Persons
Legality Of Object
It
Void Agreements
Expressly
Agreements
by way of wager
Agreements contingent on impossible
events
Agreements to do impossible acts
Wagering Agreement
One
Contingent Contract
It
Quasi Contract
Obligation
created by law
Implied contracts
Types
Claim for supply of neccesities
Reimbursement of money paid
Obligation of person to pay for enjoying
benefit of non gratuitous act
Finder of goods
Discharge Of Contract
By performance
By death
By refusing tender of performance
By breach of contract
By impossibility of performance
By agreement
novation
accord / satisfaction
remission
recession
By promisee failing to offer facilities
By operation of law
insolvency
merger
By unauthorised material alteration
By lapse of time
Suit
for injunction
Suit
for damages
Quantum
Merit
Types Of Damages
Compensatory
Nominal
Damages
Exemplary
Special
Damages
Damages
Damages
Contract Of Indemnity
A contract
of indemnity is a contract by
which one party promises to save the
other from a loss caused to him by the
conduct of the promisor himself or by the
conduct of any other person
Parties
Promisor
: indemnifier
Promisee
: Indemnityholder/ Indemnified
Essentials
Essentials
Promisee
loss.
of valid contract.
for damages.
Claim
for cost.
Other
sums
Suit
Agency
An
The
The
Agent
Any
A minor
Principal
Attained
Sound
majority
mind
Test of Agency
Whether
Whether
contract
Creation of an Agency
By
agreement
Express , Implied
By necessity
By estoppel or holding out
By operation of law
By ratification
Types of Agents
Specific
Agent
General Agent
Mercantile Agent
Broker
Commission Agent
Factor
Auctioneer
Del-Credere Agent
Sub
Agent
Co-Agent
Substitute
Agent
Duties Of Agent
Proper
conduct of business.
Render proper accounts.
Pay the sums to the principal.
Communicate and inform .
Not to deal on own account.
Proper use of information.
No secret profits or adverse title.
Not to delegate.
Name sub agent & liable for his acts.
Rights of Agent.
Retainer
.
Remuneration.
Lien.
Indemnity.
Compensation .
Renounce agency.
Emergency decision making.
Duties of Principal
Indemnify
the agent.
Compensate the agent for any loss or
injury caused.
Pay remuneration
Liable for acts of agents to the third party.
Give notice to the agent.
Rights of Principal.
Repudiate
the contract.
Claim benefits.
Ratify or disown the acts of the agent
Revoke agents authority.
Claim for loss or profits
Demand accounts.
Refuse remuneration.