Contract : Meaning & Scope

 

Law of Contracts dealing with matters relating to Contracts. A contract is made when an agreement becomes enforceable by law. There is no legal obligation as long as it is a mere agreement. Once the agreement becomes a contract, there is a legal obligation by parties involved.

Introduction to Law of Contracts

    Meaning, Nature and Types

    Indian Contract Act, 1872

    Major Definitions under Indian Contract Act, 1872.

Agreement under Indian Contract Act (Section 2 to 9, Indian Contract Act)


    Formation of an Agreement
    Intention to Create Legal Relationship
    Doctrine of Promissory Estoppel
    Standard Form Contracts or Contracts of Adhesion
    Proposal and Acceptance-Their various forms, Essential Elements
    Counteroffer
    Communication
    Revocation- Mode of Revocation of Offer

Capacity to Contract under Indian Contract Act (Sections: 10, 11, 12, 64, 65, 68)

     What agreements are Contracts ( S.10 )
     Legal Disability to Enter into Contract
     Position of minor in Contract
     Position of persons of Unsound Mind
     Position of persons disqualified by Law


Free Consent (Sections 13 to 22, Indian Contract Act )

    Concept of Free Consent under Indian Contract Act
    Coercion
    Undue Influence
    Fraud
    Misrepresentation
    Mistake
    Effect on Contracts influenced by any factor Vitiating Free Consent


Consideration under Indian Contract Act (Section 23, 24 & 25 Indian Contract Act)

    Meaning and Nature of Consideration – NudumPactum
    Exceptions of consideration
    Adequacy of Consideration: Present, Past and Adequate Consideration
    Unlawful Consideration and its Effect.
    Indian Contract Act, 1872: Sections 2(d), 2(f), 23 and 25

Limitations on Freedom of Contract (Ss. 23, 26 – 31, Indian Contract Act)

     Legality of Object
     Void and Voidable Agreements
     Agreements against Public Policy
     Agreements with Unlawful Consideration
     Agreements without Consideration
     Agreements in Restraint of Marriage
     Agreements in Restraint of Trade
     Agreements in Restraint of Legal Proceedings
     Ambiguous and Uncertain Agreements
     Wagering Agreements – Its exceptions
    Contingent Contracts
    
Quasi – Contracts and Unjust Enrichment (Section 68 to 72, Indian Contract Act)

    Doctrine of Unjust Enrichment
    Concept and Classification of Quasi Contracts

Discharge of a Contract (Section 37 to 67, Indian Contract Act)

    By Performance
    Performance by Joint Promisors
    Discharge by Novation – Remission
    Accord and Satisfaction
   Discharge by Impossibility of Performance – Doctrine of Frustration
   Discharge by Breach – Anticipatory Breach – Actual breach


Remedies for the Breach of Contract (Ss. 73, 74 & 75)

  Damages,
  Types of Damages,
  Remoteness of damages,
  Ascertainment of Damages
  Doctrine of Quantum Merit
  
Contract of Indemnity

  Concept and definition of Indemnity,
  Nature and extent of liability of the indemnifier
  Commencement of liability of the indemnifier

Contract of Guarantee under Indian Contract Act
   
   The concept and definition of guarantee
   Basic essentials for a valid guarantee contract
   Continuing guarantee
   Nature of surety’s liability
    Duration and termination of such liability
    Rights of surety,
    Position of surety in the eye of law
   Co-surety and manner of sharing liabilities and rights, Extent of surety’s liability, Discharge of surety’s liability.

Bailment under Indian Contract Act


  Concept of Bailment
  Manner Of Creation Of Contract of Bailment
  Identification Of Contract Of Bailment In Day To Day Life
  Rights and Duties of Bailor and Bailee
  Finder Of Goods As A Bailee
  Rights and Liabilities of Finder Of Goods

Pledge under Indian Contract Act

  Definition of pledge under the Indian contract Act
  Rights and Duties of the pawner and pawnee
  Pownee’s right of sale as compared to that of an ordinary bailee
  Pledge: comparison with bailment

Agency under Indian Contract Act

                      Contract of Agency under Indian Contract Act


  Agency under Indian Contract Act
  Kinds of agents and agencies
  Distinction between agent and servant
  Essentials of an agency transaction
  Various methods of creation of agency
   Delegation

                       Rights and Duties in an Agency under Indian Contract Act

      Rights of an Agent
      Duties of an Agent

                      Termination of Agency under Indian Contract Act

Termination of Agency
Methods of termination of agency contract
Liability of the principal and agent before and after such termination






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