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Definition of Law
1. Citizen Point of View2. Lawyer3. Legislator4. Judge
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Definition of Law
Rules of conduct if recognized by state & enforced by it on people are termed as law
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Sources of Law
1. English Mercantile law2. Statute Law3. Judicial Deacons4. Customs & Usages
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Definition of Agreement
Every promise and every set of promises forming consideration for each other
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Essentials of Valid Contract1. Offer & Acceptance2. Intention to create legal relationship Balfour
Vs Balfour3. Lawful Consideration 4. Capacity of Parties5. Free Consent6. Lawful Object7. Agreement not declared void8. Certainty & possibility of performance9. Legal formalities
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Classification of Contracts
1. Voidable Contract2. Void Contract3. Illegal Agreement4. Unenforceable Contract5. Express Contract6. Implied Contract7. Executed Contract8. Executory Contract9. Unilateral Contract
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Offer & Acceptance Legal rule as to offer1. Should give rise to legal obligations2. Terms must be definite Taylor vs Portington3. Offer be different from intention4. Must be communicated Lalman vs Gauri
dutt5. Should be with intention to receive assent6. No terms of non-compliance7. Statement of price not an offer
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Special terms in contract
Parker vs SE RailCross offers
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Legal Rules as to Acceptance1. It must be absolute Neale vs Merret2. Must be communicated Brogden vd Metroploitan
Rail Co3. According to mode prescribed4. Reasonable time5. It cannot precede an offer6. Must have intention to fulfill terms of the promise7. Acceptance only by party to whom offer is made8. Accept before offer lapses9. Cannot be implied from silence
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Communication of offer, Acceptance and Revocation
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Free Consent There is free consent in the absence of 1. Coercion2. Undue influence3. Fraud 4. Misrepresentation5. Mistake
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Mistake Mistake is of two types1. Mistake of law2. Mistake of fact
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Mistake of law 1. Mistake of law of the country2. Mistake of the foreign country
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Mistake of Fact1. Bilateral Mistake2. Unilateral Mistake
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Bilateral Mistake1. Mistake as to the subject matter2. Mistake as to the possibility of
performance
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Mistake as to the subject matter1. Mistake as to the existence of subject matter
Case Courturier vs Hastie2. Mistake as to the identity of subject matter
Raffel vs Wichelhaus3. Mistake as to the quality of subject matter
nicholson vs smith4. Mistake as to the quantity of subject matter5. Mistake as to the title of subject matter6. Mistake as to the price of subject matter
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Unilateral Mistake
1. Mistake as to the identity of the person
2. Mistake as to the nature of the contract
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Coercion
1. Effect of Coercion2. Threat to commit suicide
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Undue influence
1. Effect of Undue influence2. Burden of proof3. Rebutting of the presumption
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Misrepresentation & FraudRequirements of misrepresentation1. Material fact2. It must have induced3. Must have acted4. It is wrong & person making believes it to be
true5. No intention to deceive6. Need not be made directly
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Fraud
1. The statement is not true and person making it knows about it
2. Active concealment of fact3. Promise made with no intention to
perform4. Any act to deceive5. Any act declared to be fraudulent
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Consequences of Misrepresentation
1. Can rescind the contract2. Insist to be placed in the same
situation
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Essentials of fraud1. There is representation which is false2. The representation must relate to material fact3. Representation made before conclusion of contract4. Had the knowledge that it is false makes it
recklessly5. The party acted on it6. Must have been deceived7. Suffered a loss