Indian Contract Act 1872 Notes
This article provides Contract Law notes, notes with case laws.
Law
of Contract deals with matters related to Contracts. A contract is
made when an agreement becomes enforceable by law. There is no legal
obligation as long as it is a mere agreement. Once the agreement becomes
a contract, there is a legal obligation by the parties involved.
Content for Semester 1
- Introduction to the Law of Contracts
- Agreement under Indian Contract Act (Section 2 to 9, Indian Contract Act)
- Capacity to Contract under Indian Contract Act (Sections: 10, 11, 12, 64, 65, 68)
- Free Consent (Sections 13 to 22, Indian Contract Act)
- Consideration under Indian Contract Act (Sections 23 to 25 Indian Contract Act)
- Lawful Object in Contracts
- Void Agreements: Limitations on Freedom of Contract (S. 24 – 30, Indian Contract Act)
- Quasi – Contracts and Unjust Enrichment (Section 68 to 72, Indian Contract Act)
- Discharge of a Contract (Section 37 to 67, Indian Contract Act)
- Breach of Contract (Ss. 73, 74 & 75)
- Contract of Indemnity
- Contract of Guarantee under Indian Contract Act
- Bailment under Indian Contract Act
- Pledge under Indian Contract Act
- Agency under Indian Contract Act
- Other Concepts
Topics to be studied under each part of the content
1. Introduction to the Law of Contracts
Law of Contracts: Meaning, Nature and Important Definitions
Important Definitions under Indian Contract Act 1872
Types of contracts
2. Agreement under Indian Contract Act (Section 2 to 9, Indian Contract Act)
Proposal under Indian Contract Act
Difference Between Offer and Invitation to Offer
Agreements under Indian Contract Act, 1872
Standard form contract
Acceptance under Indian Contract Act
Essentials of Valid Acceptance
Felthouse vs Bindley
Cross Offer and Counter Offer
Revocation of an Offer under the Indian Contract Act, 1872
Agreements under Indian Contract Act, 1872
Types of Offer
3. Capacity to Contract under Indian Contract Act (Sections: 10, 11, 12, 64, 65, 68)
Who are Competent to Contract
Position of a Minor in Contract
Position of persons of Unsound Mind
Persons Disqualified by Law
Rules Regarding Minor’s Agreement
4. Free Consent (Sections 13 to 22, Indian Contract Act)
Free Consent under Indian Contract Act
Coercion under Indian Contract Act
Undue Influence
Fraud under Indian Contract Act
Misrepresentation in Contract Law
Mistake under Indian Contract Act, 1872
Ignorantia Facti Excusat and Ignorantia Juris Non Excusat
Difference Between Coercion and Undue Influence
Differences Between Fraud and Misrepresentation
5. Consideration under Indian Contract Act (Sections 23 to 25 Indian Contract Act)
Meaning and Nature of Consideration
Essentials of valid consideration
Exceptions to Consideration under Indian Contract Act
Privity of Contract under Contract Law
ex nudo pacto non oritur actio
Adequacy of Consideration
6. Lawful Object in Contracts
Legality of Object in Contracts
7. Void Agreements: Limitations on Freedom of Contract (S. 24 – 30, Indian Contract Act)
Agreements with Unlawful Object
Agreements without Consideration
Agreements in Restraint of Marriage
Agreements in Restraint of Trade
Agreements in Restraint of Legal Proceedings
Ambiguous and Uncertain Agreements
Wagering Agreements
8. Quasi – Contracts and Unjust Enrichment (Section 68 to 72, Indian Contract Act)
Doctrine of Unjust Enrichment
Concept and Classification of Quasi Contracts
Nemo Debet Locupletari Ex Aliena Jactura
9. Discharge of a Contract (Section 37 to 67, Indian Contract Act)
Discharge of a Contract under Indian Contract Act
– By Performance
– Performance by Joint Promisors
– Discharge by Novation – Remission
– Accord and Satisfaction
– Discharge by Impossibility of Performance – Doctrine of Frustration
– Discharge by Breach – Anticipatory Breach – Actual breach
Clayton’s Rule of Appropriation of Payments under Contract Act
Discharge of a Contract by Operation of Law
Doctrine of Supervening Impossibility
Lex Non Cogit Ad Impossibilia: The Law Does Not Compel the Impossible
10. Breach of Contract (Ss. 73, 74 & 75)
Remedies for Breach of a Contract
– Damages,
– Types of Damages,
– Remoteness of damages,
– Ascertainment of Damages
– Doctrine of Quantum Merit
Doctrine of Blue Pencil
Quantum Meruit
11. Contract of Indemnity
Meaning of Contract of Indemnity
Rights of Indemnifier in India
Rights of Indemnity Holder
Difference Between Contract of Indemnity and Guarantee
12. Contract of Guarantee under Indian Contract Act
Concept of Contract of Guarantee
Continuing Guarantee
Difference Between Contract of Indemnity and Guarantee
Right of Surety Against Creditor under the Indian Contract Act, 1872
Discharge of Surety from Liability
13. Bailment under Indian Contract Act
Concept of Bailment
Rights and Duties of Bailor and Bailee
Difference Between Bailment and Pledge
14. Pledge under Indian Contract Act
Definition of Pledge under the Indian Contract Act
Rights of Pawnee
Difference Between Bailment and Pledge
15. Agency under Indian Contract Act
Contract of Agency under Indian Contract Act
Rights and Duties in an Agency under Indian Contract Act
Termination of Agency under Indian Contract Act, 1872
Agency by Ratification
Agency by Estoppel
Difference Between Sub Agent and Substituted Agent
Difference Between Agent and Servant
16. Other Concepts
How To Cancel a Power of Attorney In India?
Rights of Finder of Goods Under Indian Contract Act
Bailor and Bailee Relationship in Banking