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Indian Contract Act, 1872 The Act defines a contract as “an agreement enforceable by law.” Agreement: An agreement is a promise or a set of promises, whereby a person makes an offer to another and it is accepted by the person to whom it is made. Agreements which are not contracts: a) Agreements relating to social matters. b) Domestic arrangements between husband and wife. Kinds of contracts: a) According to mode of formation: ã ã Express contracts (oral or written) Implied contracts:-A legally e
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  Indian Contract Act, 1872 The Act defines a contract as “an agreement enforceable by law.”   Agreement:  An agreement is a promise or a set of promises, whereby a person makes an offer to another and it isaccepted by the person to whom it is made.Agreements which are not contracts:a)   Agreements relating to social matters.b)   Domestic arrangements between husband and wife. Kinds of contracts:  a)   According to mode of formation: ã   Express contracts (oral or written) ã   Implied contracts:-A legally enforceable agreement that arises from conduct,from assumed intentions, from some relationship among the immediate parties,or from the application of  the legal principle of  equity.  a)   According to validity: ã   Valid contracts ã   Void contracts ã   Voidable contracts ã   Void agreements Section 10   of the Act provides that “all agreements are contracts if they are made by the free consent of  parties competent to contract, for a lawful consideration and with a lawful object, and are not expressly declared to be void.”   Essential elements of a valid contract:   ã   Offer ã   Acceptance ã   Lawful consideration ã   Lawful object  ã   Free consent ã   Competent parties Offer:  An offer means a proposal. It is made with a view to obtaining the assent of the other party to theproposed act or abstinence. Types of offer:  a)   Express offer (written on oral) or Implied offerb)   General offer or specific offer Essentials of a Valid Offer:   ã   An offer must be clear and definite. ã   Offer must be made with a view to obtain acceptance thereto ã   Offer must be made with the intention of creating legal relationship ã   Offer must be communicated to the offeree. Acceptance:  When the person to whom the offer is made signifies his assent thereto, the offer is said to be accepted. Essentials of valid acceptance:   ã   It must be absolute and unqualified. ã   It must be communicated to the offeror. It may be express or implied. ã   It must be made in the mode prescribed, if any. ã   It must be made within the time specified, if any. ã   Mere silence of offeree is not acceptance. Revocation of Offer:   ã   By the offeror at any time before acceptance. ã   By death or insanity of the offeror before acceptance. ã   By death or insanity of the offeree before acceptance.  ã   By rejection. ã   By not accepting in the mode prescribed. ã   By counter-offer by the offeree. Revocation of acceptance:  Acceptance can be revoked before the communication of the acceptance is complete. Consideration:  Consideration is what a promisor demands as the price for his promise. Essentials of Consideration:   ã   It can move from promisee or any other person. ã   It need not be in terms of money only. ã   It need not be adequate. ã   It must be real and not vague. ã   It must be lawful. Lawful Object:  Object or consideration of an agreement is unlawful if it is: ã   forbidden by law; or ã   it is of such nature that if permitted it would defeat the provisions of law; or ã   is fraudulent; or ã   involves or implies injury to the person or property of another; or ã   the Court regards it as immoral or opposed to public policy. Agreements with unlawful consideration or object are void.   Capacity to Contract:  Every person is competent to contract if he/ shei)   is of the age of majorityii)   is of sound mind  iii)   is not disqualified from contracting by any law to which he is subject. Free Consent:  The parties should mean the same thing in the same sense and agree voluntarily.Consent is not free when it is caused by:i.   Coercionii.   Undue influenceiii.   Misrepresentationiv.   Fraudv.   Mistake Coercion: i.   The committing or threatening to commit any act forbidden by the Indian Penal Code orii.   The unlawful detaining or threatening to detain any property to the prejudice of any personwhatever with the intention to cause any person to enter into any agreement. Consequences of coercion:  Agreement caused by coercion is voidable at the option of the party whose consent has been soobtained. Undue influence:  A contract is said to be induced by undue influence where the relation between the parties are such thatone of the parties is in a position to dominate the will of the other and uses that position to obtainunfair advantage over the other. Examples : Master and servant; Solicitor and client; Doctor and patient….etc.   Consequences of Undue Influence:  Agreement caused by undue influence is voidable at the option of the party whose consent has been soobtained. Fraud:  Fraud is an untrue statement made knowingly or without belief in its truth or recklessly, carelessly,whether it be true or false with the intent to deceive.   Consequences of Fraud:  
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