indian contract act 1872 - srnbdc.org · quasi contract 4. e-commerce contract 17 . 1.executed...
TRANSCRIPT
Dr.K.Naveena
Lecturer in commerce S.V.D. GOVT. DEGREE COLLEGE(W) NIDADAVOLE WEST GODAVARI
2nd B.Com, IV Semester
CONTRACT: Section 2 (H) “An agreement enforceable by
law”.
Agreement:
Proposal
Acceptance
Consideration
Proposal Sec 2(A)
“When one person signifies to another his willingness to Do or
to abstain from Doing something with a view to obtain his
assent , he is said to be make a proposal”.
Acceptance Sec 2 (B)
“When the person to whom the proposal is made, signifies his
assent thereto, the proposal is said to be accepted”.
Proposal + Acceptance = Promise.
Promise Sec 2 (B)
“When the person to whom the proposal is made signifies his
assent thereto the proposal is said to be accepted. Proposal
when accepted becomes a Promise”.
EXAMPLE:
PROPOSES
SRINIVAS RAGHU
CAR Rs. 2,00,000
IF RAGHU ACCEPTS THIS PROPOSAL IT BECOMES
PROMISE
SELL
Consideration 2 (D)
When at the desire of the promiser or any other person
has done or abstained from doing, or does or abstained
from doing or promises to do or abstain from doing
something, such act or abstinence is called a
consideration for the promise.
Consideration: When at the desire of the promiser the promisee or any
other person has done or abstained from doing (past
tens) or does or abstains from doing (present tense) or
promise to do or abstain from doing something(future
tense) such an act or abstinence or promise is called
consideration for the promise.
Promise + Consideration = Agreement.
Agreement Sec 2(E)
Every promise and every set of promises forming
Consideration for each other is called an Agreement.
EXAMPLE: PROPOSES
SRINIVAS RAGHU CAR Rs. 2,00,000
IF RAGHU ACCEPTS THIS PROPOSAL IT BECOMES
PROMISE
SELL
PERSON WHO MAKES THE PROPOSAL IS CALLED PROMISER
PERSON WHO ACCEPT THE PROPOSAL IS CALLED PROMISEE IN THIS EXAMPLE:
SRINIVAS IS PROMISER AND RAGHU IS PROMISEE
consideration
AGREEMENT
proposal acceptance
Essential elements of Contract (sec.10)
Offer & Acceptance
Intention to create legal relationship
Consensus -ad-idem
Consideration
Capacity of parties
Free consent
Legality of object
Possibility of performance
Lawful Consideration
Legal Formalities
SUMMARY
PROPOSAL + ACCEPTANCE = PROMISE
PROMISE + C0NSIDERATION = AGREEMENT
AGREEMENT + ENFORCEABILITY = CONTRACT
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1. On the basis of validity or Enforceability
2. On the basis of Formation
3. On the basis of performance
1.Valid contract
2.Void Agreements
3.Void contract
3.Voidable contracts
4. Illegal Agreements
5. Unenforceable Contracts.
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1. Express Contract.
2. Implied Contract
3. Quasi Contract
4. E-Commerce Contract
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1.Executed Contract
2. Executory Contract:
1. Unilaterial Contract
2. Bilaterial Contract.
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