19/7/2011 - First lecture
=================
Scope -
- Indian Contract Act
- Sale of Goods Act
- Negotiable Instrument Act
- Features of Companies Act
- Restrictive and Unfair Trade Practises
- FEMA & SEBI
Indian Contract Act 1872
Contract : u/s. 2(h) “An Agreement enforceable by law is a contract”
- Offer + Acceptance = Agreement
- Agreement + Enforceability = Contract
Essentials of Valid Contract:
- Offer
- Acceptance
- Free Consent – not by coercion, undue influence, misrepresentation, fraud, mistake.
- Intention to create legal binding relations – rights and obligations
- Lawful Consideration – value, price, kind, for future performance
- Competent Parties – Major, Sound mind
- Lawful Object
- Certainty of Happening - performance
- Writing & Registration
- Not expressly Declared void by Court or Statute
“All Contracts are Agreement but all Agreements are not Contract”
“No Consideration No Contract”
