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chapter 2 5th proof 2012 5 28 15 00 page 7 1 chapter indian contract act 1872 2 2 1 introduction in commerca fe prome are mae ometme prome are ...

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✐           “Chapter-2*(5th*Proof)” — 2012/5/28 — 15:00 — page 7 — #1                     ✐
                                                                 CHAPTER
           INDIAN CONTRACT ACT, 1872                                 2
    2.1  INTRODUCTION
    In commerca fe prome are mae ometme  prome are hono­re €­t ometme
    €reach  ao commtte In cae of €reach  t  o€‚o­ to etermne the remee that
    are a‚aa€e n a co­rt of aƒ agant a peron ƒho fa to hono­r h prome an the
    conton ­ner ƒhch the remee are a‚aa€e „he aƒ of contract  that €ranch of
    €­ne aƒ ƒhch etermne the crc­mtance n ƒhch prome mae €… the parte to
    a contract ha €e ega… €nng on them It affect a of ­ n one ƒa… or the other It
      hoƒe‚er  more appca€e to peope engage n trae  commerce an n­tr… €eca­e
    €­‡ of ther tranacton are €ae on contract
    2.1.1 TheIndian Contract Act, 1872
    Pror to the enactment of the Inan Contract ˆct  1872 ‰ngh common aƒ ƒa appe
    ncrmnate… to Inan nat‚e ƒhch e to man… ncon‚enence „herefore  eparate
    tat­te ƒere enacte to ­peree ‰ngh aƒ an to reg­ate the contract ƒhere parte
    ƒere Šn­ an ‹ohammean If €oth the parte ƒere Šn­  the… ƒere reg­ate
    €… the Šn­ aƒ an ƒhere €oth parte ƒere ‹ohammean  ‹ohammean aƒ appe
    Œhere  hoƒe‚er  one part… ƒa a Šn­ an the other ‹ohammean  then aƒ of efenant
    appe Žn… ƒhere aƒ an ­­age of Šn­ or ‹ohammean ƒere ent on an… pont 
    ‰ngh aƒ ƒa appe ‘ra­a… mportance of the enactment of genera aƒ reg­atng
    the contract an to efine an amen certan part of aƒ reatng to contract common
    to a ƒa fet an th ga‚e €rth to the Inan Contract ˆct  1872
    „he Inan Contract ˆct came nto force on 1t eptem€er 1872 „he ˆct appe to the
    ƒhoe of Ina e“cept the tate of ”amm­ an •ahmr
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✐             “Chapter-2*(5th*Proof)” — 2012/5/28 — 15:00 — page 10 — #4                                  ✐
    10   Business Law
    of those agreements whh reate ega ogatons  n agreement  whh reates ega
    ogaton  n or­er to e €a­ an­ n­ng m‚st possess ertan essentas ƒhese essentas
    are the essenta eements of a ontrat ƒhe foowng are the essentas or haratersts
    or feat‚res of a €a­ ontrat
    1. Offer and Acceptance
    ƒhere m‚st e two partes to an agreement e one part„ ma…ng the offer an­ the other
    part„ aeptng t ƒhe terms of the offer m‚st e ­efinte an­ the aeptane of the offer
    m‚st e aso‚te an­ ‚non­tona ˆn other wor­s  offer an­ aeptane m‚st e oth
    awf‚ e t m‚st onform to the r‚es a­ ­own n the ˆn­an Contrat t
    2. Consideration
    nagreement to e enforeae „ aw m‚st e s‚pporte­ „ ons­eraton Cons­eraton
    means an a­€antage or enefit mo€ng from one part„ to the other ˆn short  t means
    ‘somethng n ret‚rn’ n agreement s ega„ enforeae on„ when oth the partes g€e
    somethng an­ get somethng n ret‚rn  promse to ­o somethng  gettng nothng n
    ret‚rn  s ‚s‚a„ not enforeae „ aw
    3. Capacity of Contract
    ƒhepartes to the agreement m‚st e ompetent of enterng nto a €a­ ontrat  person
    s sa­ to e ompetent f he s (a) of age of ma‹ort„ () of so‚n­ mn­ an­ () not
    ­sŒ‚afie­ from ontratng „ aw to whh he s s‚‹et
    4. Free Consent
    n„ agreement m‚st e ase­ on free onsent of the partes n or­er to eome a €a­
    ontrat ƒhe onsent of the partes s sa­ to e free when the„ are of the same mn­ on
    a the matera terms of the ontrat ƒhe partes are sa­ to e of the same mn­ when
    the„ agree ao‚t the s‚‹et-matter of the ontrat n the same sense an­ at the same tme
    Žree onsent ­oes not e‘st when t s otane­ „ oeron  ‚n­‚e nfl‚ene  fra‚­  msta…e
    or msrepresentaton
    5. Lawful Object
    ƒhe o‹et of the agreement m‚st e awf‚ ˆt s ‚nawf‚ f the o‹et s for­­en „
    aw  ega  mmora or oppose­ to p‚ po„ n„ agreement wth an ‚nawf‚ o‹et
    annot e enfore­ „ aw
    6. Leal elationsip
    ƒhe ntenton of the partes to the agreement m‚st reate ega reatonshp etween them
    e an agreement n the nat‚re of a ommera argan ˆn the asene of s‚h ntenton 
    the agreement annot e enfore­ „ aw
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✐           “Chapter-2*(5th*Proof)” — 2012/5/28 — 15:00 — page 12 — #6                     ✐
    12  Business Law
    Express contracts
    When the terms of a ontrat are epress agree pon ( hether ­  ors spo€en or
     r‚tten) at the t‚me of the format‚on of the ontratƒ the ontrat ‚s sa‚ to ­e an epress
    ontrat„
    Example: …  r‚tes a etter to †ƒ h‚s offer to se sooter for |20ƒ000„ † aepts ‚t an
    rep‚e ‚n a etter„
    Implied Contracts
    …n‚mp‚eontrat ‚s one  h‚h ‚s ‚nferre from the ats or ont of the part‚es or orse
    of ea‚ngs ­et een them„
    ˆn other  orsƒ the proposa or aeptane of an prom‚se ‚s mae other ‚se than ‚n  orsƒ
    the prom‚se ‚s sa‚ to ­e ‚mp‚e„
    Example: … ­oars a ‰Š‹ŒC ­s„ ˆt ‚s ‚mp‚e from h‚s ont that he has entere ‚nto
    a ontrat  ‚th ‰Š‹ŒC to traŽe ‚n the ­s ­ prhas‚ng a t‚€et„
    Quasi Contract
    ‘as‚ ontrat ‚s a ega o­‚gat‚on that has a nm­er of s‚m‚ar‚t‚es to a ontrat ­t ‚s
    not eat the same„ … ’as‚ ontrat ar‚ses not from an agreementƒ ­t from a mere
    reat‚onsh‚p that omes a­ot ­et een ‚n‚Ž‚as„ ˆt ‚s a reat‚onsh‚p ­ase on at‚on
     ‚thot searh‚ng of an agreement„ ˆt s‚mp means that the at‚ons of one person haŽe
    onferre a ­enefit on other„
    Example: … eaŽes goos at C’s hose ­ m‚sta€e„ C treats the goos as h‚s o n„ C ‚s
    ­on to pa for the goos„
    Contingent Contract
    … ont‚ngent ontrat ‚s one ‚n  h‚h a prom‚se ‚s on‚t‚ona an the ontrat sha ­e
    performe on on the happen‚ng of some ftre nerta‚n eŽent„
    Example: … ontrats to pa † |10ƒ000 ‚f †’s hose ‚s ­rnt„
    Valid Contract
    … ontrat  h‚h sat‚sfies a the ega re’‚rements a‚ o n ‚n set‚on 10 of the …t ‚s
    €no n as a Ža‚ ontrat„
    Void Contract
    …ontrat  h‚h  as Ža‚  hen ‚t  as first entere ‚nto ­t s­se’ent ­eomes nen-
    forea­e e to ‚mposs‚­‚‚t of performaneƒ hange of a  or other reasonƒ ‚s ae a Žo‚
    ontrat„
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✐           “Chapter-2*(5th*Proof)” — 2012/5/28 — 15:00 — page 14 — #8                     ✐
    14  Business Law
    Example: A agrees to engage B as hs serant fro the net onth the ontrat s
    ee tor­€
    Unilateral Contract
    A n‚atera‚ or one-sƒeƒ ontrat s one n „hh on‚­ one part­ has to f ‚fi‚ hs o†‚gaton
    at the te of foraton of the ontrat the other part­ hang f ‚fi‚‚eƒ hs o†‚gaton at
    the te of the ontrat or †efore the ontrat oes nto estene€ ‡ h ontrats are a‚so
    ˆno„n as ontrats „th ee teƒ onsƒeraton€
    Example: ‰r€ Š perts a oo‚e to arr­ hs ‚ ggage anƒ ˆeep t n the ar€ A ontrat
    oesntoesteneassoonasthe‚ ggagesˆeptnthear€ B t†­thattetheoo‚ehas
    a‚reaƒ­ perforeƒ hs o†‚gaton€ ‹o„ on‚­ ‰r€ Š has to f ‚fi‚ hs o†‚gaton €e€ pa­ent
    of reasona†‚e harges€
    Bilateral Contract
    A†‚atera‚ ontrat s one n „hh the o†‚gatons on the part of †oth the partes to the
    ontrat are o tstanƒng at the te of the foraton of the ontrat€ Œn ths sense †‚atera‚
    ontrats are s‚ar to ee tor­ ontrats anƒ are a‚so ˆno„n as ontrats „th ee tor­
    onsƒeraton€
    2.2  OFFER
    Žffer s the first anƒ foreost essenta‚ e‚eent of a a‚ƒ ontrat€ Œt s the first step n
    the proess of aˆng a ontrat€ ’or the foraton of a ontrat there  st †e a ƒefinte
    offer †­ one person to another anƒ ts  n“ a‚fieƒ aeptane †­ the person to „ho t s
    aƒe€ ”he „orƒ ‘proposa‚’  seƒ n seton 2(a) of the Œnƒan Contrat At s s­non­o s
    n —ng‚sh  se „th ‘offer’€
    2.2.1 MeaningandDefinition
    Anoffer s a stateent †­ one person of „hat he „‚‚ ge n ret rn for soe at or prose
    of another€ Œn other „orƒs an offer s a proposa‚ †­ one person „here†­ he epresses
    hs „‚‚ngness to enter nto a ontrat a‚ o†‚gaton n ret rn for a prose or at or
    for†earane€ Œn short an offer s a proposa‚ †­ one part­ to another to enter nto a ‚ega‚‚­
    †nƒng agreeent „th h€
    ‡eton 2(a) of the At ƒefines offer as “A person s saƒ to hae aƒe a proposa‚ „hen he
    sgnfies hs „‚‚ngness to ƒo or to a†stan fro ƒong an­thng „th a e„ to o†tanng
    the assent of that other to s h at or a†stnene€”
    Example: A sa­s to B “„‚‚ ­o  p rhase ­ ar for |50000˜ Œn ths ase A s aˆng
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