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Introduction
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Contd
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Definitions
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CONTRACT
Two elements
An Agreement
Legal obligation ie, a duty enforceable by
law.
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Agreement
Section 2(e) Every promise and every
set of promises forming the consideration
for each other, is an agreement.
Promise What is a promise?
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Example
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Enforceability of Agreement
An agreement is said to be enforceable by
law if it creates a legal obligation.
If an agreement is incapable of creating a
duty enforceable by law, it is not a
contract.
Thus, an agreement is a wider term than
contract.
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Contract Act
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Contd
Ex;
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Case
Balfour
571]
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contd
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Case
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Agreement
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Contract
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Classification of
Contract
Enforceabilty
Valid
Voidable
Method of
Formation
Formal
Simple
Extent of
performance
Obligation to
perform
Executed
Unilateral
Executory
Bilateral
Void
unenforceab
le
Illegal
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Express
Implied
Quasi
Standard
Form
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Contingent
Valid Contract
Essentials
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OFFER
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Contd
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Types of offer
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Cases
General offer
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Contd
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Contd
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A declaration of intention by a
person does not give right of action
to another.
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Case
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Harrison vs Nickerson
An auctioneer advertised in a newspaper that a
sale of office furniture would be held. A broker
came from a distant place to attend that auction,
but all the furniture was withdrawn. The broker
thereupon sued the auctioneer for his loss of time
and expenses.
Held - A declaration of intention to do a
thing did not create a binding contract with
those who acted upon it, so that the broker
could not recover.
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Contd
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Contd
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Contd
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The offer must not contain a term, the noncompliance of which amount to acceptance
Ex: A offers by post to sell his horse to B for Rs
2000. He writes, If you do not reply, I shall
assume you have accepted the offer. There
would be no contract even if B does not reply
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Contd
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Acceptance
Acceptance means giving consent to the
offer.
It is an expression by the offeree of his
willingness to be bound by the terms of the
offer.
Sec 2(b) A proposal is said to be
accepted when the person to whom the
proposal is made signifies his assent
thereto. A proposal when accepted
becomes a promise.
Acceptance is the consent given to offer.
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Contd
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Contd
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Express acceptance
An express acceptance is one in which is made
by words spoken or written
Implied acceptance
An implied acceptance is one which is made
otherwise than in words.
It is inferred from the conduct of the parties or
the circumstances of a particular case
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Contd
Communication of acceptance
As
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Contd
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