Contract Act means an agreement which can be conducted by law, all such agreements are called contracts.
Indian Contract Act 1872 , it is very important for you to know the meaning of some terms.
- Proposal – Proposal means when a person gives money to a person for his work or not, that is a proposal.
- Promise – Promise is when we put a proposal in front of a person and he accepts it. We tell him that we are a promise and this proposal can be accepted by the person to whom we have given the proposal.
- Promisor and Promisee – Promisor is the person who gives a proposal and Promisee is the person who accepts the proposal.
- Agreement – Agreement That which is according to our promise
- consideration – This means that when a person uses the promise as per his promise, he does not give anything else to the promiser other than the promise, that is a consideration.
- VOID AGREEMENT – An agreement which cannot be conducted by the court is a word agreement.
- voidable according to Indian contract act – This is such a contract in which one party gets the medicine for his rights but the other party continues to do wrong to him and it can be prosecuted by the court.
Essential element of valid
- Agreement: There must be an agreement in it and it is very important to have two elements: offer and acceptance .There must be two parties in this, the first party should propose and the second party should accept it vigorously. Acceptance must be absolute and unconditional
- Legal relationship – Legal relationship means that there should be legal relation between the two parties, there should be no relationship with the family or neighbors.
- Lawful consideration – means that there should not be any consideration during any promise, it should not happen if someone gets harmed or the For is illegal in the eyes of the law.
- CAPABLE PARTIES – This is the meaning of capable parties: Wherever you are making any agreement or contract, he should be above 18 years of age, not mentally ill, he can also make the agreement white and he should not be disqualified from the court.
- Lawful purpose – means that your purpose should not be anything that is considered illegal by the court.
- Free consent – Meaning of free consent is the use party’s consent is free and genuine, you should not harm any person or you should not show your agreement in a wrong way or there should be any fraud.
- Valid agreement – this is an agreement should be such that it is not declared illegal by the court.
- Legal Formalities: This means that your agreement should either be in written or oral, the legality of written and oral agreement is the same.
What is the difference between agreement and Indian contract Act
Agreement All promises are called agreement and contract can be conducted only by law. All agreements cannot be contracts According to Indian contract act 1872 but all Indian contracts act are agreements.
Agreement may be created a legal obligation or not a great a legal obligation but according to Indian contract act 1872 always create a legal obligation
Uncertain agreement is an agreement which does not constitute an agreement or is not capable of being certain.
Classification of contract act
CREATION BASIS – EXPRESS : Contracts which are made by speaking or writing
– IMPLIED : It is a contract which becomes a contract according to the circumstances or which is in the nature of contact.
EXECUTION BASIS – EXECUTED -A contract in which both parties fulfill their obligations at the same time
– EXECUTORY : Is a situation where both parties do not fulfill their obligations at the same time
– Partly executed and partly executory : This is a vacation in which the obligation of one party is half fulfilled and the obligation of the other party is not fulfilled at all.
ENFORCEABILITY BASIS – 1. VALID & VOID CONTRACT
2.VOID &VALID AGREEMENT
3 . ILLEGAL AGREEMENT
There are some examples which will help you a lot in understanding the contract and you can go through the CASE study very carefully.
- Offer must be communicated – Offer must be communicated. This means that whenever you are making an offer to someone, you should know everything about it to the person in front of you and if you are doing any kind of specialization in the course of your offer then you should use that offer. and mention must be done .If you forget to specialize in any method while making your offer then this offer will be considered common for all and you will also have to accept its acceptance. If you do not make your specialization offer visible well and general people are not able to detect that offer, then that offer will be acceptable to everyone.
- Communication of complete offer and proposal – If you do not show any kind of specialization in your offer, then this offer will be accepted by any person and you will also have to give assurance of accepting it. The offer should tell you exactly who this offer is for. If you do not do this then it will be very bad for you and anyone can fall prey to this offer and you cannot reject it.
- Offer must not be burden on offeree – This means that no offer should have any border on it, its acceptance should be unconditional and absolute.
If anyone accepts this offer physically then it will not be accepted by the court. - Cross offer do not conclude a contract – What kind of offer is this under which a third party comes and creates another offer
- Counter offer – means whenever someone rejects the original offer and creates a new offer.
- Offer& invitation to offer& an intention to offer – The above means when one party gives notice to the other party for any consideration . When a person expresses any contract without any expression, then that invitation is called an offer.
When someone declares his offer or the offer is made in such a way that it implies an offer, then that intention is called an offer.
Revocation of offer and lapse of offer
- This happens either when the offer time expires or you do not convey your acceptance to the offer properly.
- Either you are not able to fulfill its term and condition, hence your offer is not complete.
- You are not able to send the notice of revocation to the promisor
- Or the reason for the completion of the offer is the death of the promisor or some mishappening with him.
- Or you can’t convey acceptance of your offer to promisor
ACCEPTANCE
The meaning of acceptance is whenever any promise or offer is accepted, the promise is given to use, acceptance is considered and his acceptance should be absolutely absolute and unconditional and his consent should be very true. Acceptance of Asia should be unconditional; Acceptance should also not be a burden.
Whenever you fall prey to any offer, you must ask him to accept it for free and this acceptance must always be given at the right time so that your acceptance does not go in vain.
If any acceptance has a prescribed turn then you should give your acceptance to the offer in the same turn, otherwise it will not be considered valid.
Regular time for giving acceptance: If you have been given your acceptance then it has to be given during the same regular time otherwise your acceptance will not be considered valid. Your silence will not be accepted as acceptance. If you are really interested in using the offer or you want to accept the using offer, then you will have to do it in the same term Whether acceptance is written or spoken or done by you .
Legal rules of valid acceptance
Your acceptance should be absolute and unconditional, otherwise it will not be considered acceptance by the court. Any acceptance given by any third party will not be considered as acceptance unless the offer is given to you. The offer given to the person shows his/her acceptance, otherwise the acceptance of the third party will not be considered as an acceptance.
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