INDIAN CONTRACT ACT BASICS LECTURE - 1
What is contract
What is agreement
What is promise
What is obligation
Agreement vs Contract
Essential elements of valid Contract
Related case laws
Section 2(h) Agreement enforceable by law is contract
There should be an agreement.
Such an agreement must be enforceable by law
Section 2(e)
Every promise and every set of promises, forming the consideration for each other, is an agreement.
An agreement comes into existence when one party makes a proposal or offer and that other party signifies his assent thereto.
an agreement is the sum total of offer and acceptance
An obligation is the legal duty to do or abstain from doing what one has promised to do or abstain from doing.
Section 2(b ) “when the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted, become a promise
SECTION 10
All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void.
VALID CONTRACT
An agreement
Based on the genuine consent of the parties
Supported by a lawful consideration
Made for a lawful object
Between the competent parties.
Not declared void