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Business Regulatory Framework - Indian Contract Act and Elements of Contract, Study notes of Business Fundamentals

University of LucknowBusiness Fundamentals

These are the notes of Business Regulatory Framework of Bachelor's of Commerce of 1st year 2nd Semester. These notes consist of Indian Contract Act, meaning, definition, difference between Agreement and Contract and Elements of Contract. The notes are short and precise and easy to understand.

Typology: Study notes

2023/2024

Available from 02/21/2024

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INDIAN CONTRACT ACT , 1872
● Indian Contract Act, 1872 governs Law
relating to Contract in India.
● Act was passed by British India and is based
on the principles of English common law.
● This act is applicable in whole India.
● It was enacted on March 25, 1872.
● This act came into effect from 1st September,
1872 and applies to contact in India.
● It is based on the English Contract, 1856.
● Indian Contract Act, 1873 was drafted by
Indian Law Commission.
● It was enacted to bring uniformity in law
throughout the country.
● The act was enacted to provide legal
framework for business and individuals.
Difference between Agreement and
Contract
Meaning
Agreement
pf3
pf4
pf5

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INDIAN CONTRACT ACT , 1872

● Indian Contract Act, 1872 governs Law relating to Contract in India. ● Act was passed by British India and is based on the principles of English common law. ● This act is applicable in whole India. ● It was enacted on March 25, 1872. ● This act came into effect from 1st September, 1872 and applies to contact in India. ● It is based on the English Contract, 1856. ● Indian Contract Act, 1873 was drafted by Indian Law Commission. ● It was enacted to bring uniformity in law throughout the country. ● The act was enacted to provide legal framework for business and individuals. Difference between Agreement and Contract Meaning Agreement

When proposal is accepted by a person to whom it's made, with requisite consideration. Contract When agreement is enforceable by law. Elements Agreement Offer and Acceptance Contract Agreement and Enforceability Defined in Agreement Section 2(e) Contract Section 2(h)

Contract Every contract is agreement Scope Agreement Wide Contract Narrow ESSENTIAL ELEMENTS OF VALID CONTRACT 1.Offer and Acceptance (Section 10) ● Must be lawful offer by one party ● Lawful acceptance by other party ● Offer and Acceptance must be clear and communicate to each other. 2.Lawful Consideration Section 2 (d)

● There must be something of value exchange between the parties. ● Consideration can be money, goods or services and these must be lawful. 3.Free Consent (Section 14) ● Consent between parties should be free and not by influence or force. ● If there is any vitiation of consent, contract may be voidable. 4.Lawful Object (Section 23) ● Purpose of the contract must be lawful and should not be illegal. 5.Not Expressly Declared Void/Illegal (Section 24 and 56) ● Contract must not be expressly declared void by the law. ● It should not be such of nature that if permitted, it would defeat the provisions of law. 6.Capacity of Parties (Section 11)