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Introduction To Indian Contract Act

The document provides an introduction to key concepts in Indian contract law, including what constitutes a valid contract. It notes that a contract requires an offer and acceptance, along with three conditions - capacity, consent, and consideration. It defines what makes an offer and acceptance valid, such as the offer being precise and the acceptance being unconditional. Special terms must be brought to the notice of the offeree. Consideration, which is the price of the contract, must be decided by the parties and have legal value for the contract to be valid.

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Nagi Reddy Pullamola
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65 views

Introduction To Indian Contract Act

The document provides an introduction to key concepts in Indian contract law, including what constitutes a valid contract. It notes that a contract requires an offer and acceptance, along with three conditions - capacity, consent, and consideration. It defines what makes an offer and acceptance valid, such as the offer being precise and the acceptance being unconditional. Special terms must be brought to the notice of the offeree. Consideration, which is the price of the contract, must be decided by the parties and have legal value for the contract to be valid.

Uploaded by

Nagi Reddy Pullamola
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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INTRODUCTION TO

INDIAN CONTRACT
ACT
INDIAN CONTRACT ACT 1872.
INDIAN CONTRACT ACT
• What is a contract
• It must have an offer and acceptance
• It must have 3 c’s ( capacity, consent,consideration )
• It must not be prohibited by law
WHAT IS AN OFFER
• It must be precise; capable of being understood and communicated.
• It must not contain a clause that does away with acceptance.
• Special terms must be brought to the notice of the offeree.
• It need not be in writing though in immovable property contracts it
must be in writing.
CONTINUE..
• Under certain circumstances an advertisement can become an offer.
• There is difference between an offer and invitation to an offer.
• An offer can be revoked before it is accepted.
• In this Digital world the offer has been communicated once it has entered the
computer of the offeree.
WHAT IS AN ACCEPTANCE
• An acceptance must be in response to an offer.
• It must be in the mode of prescribed.
• It must be made by the person to the whom the offer was made.
• It must be unconditional and unqualified.
CONTINUE..
• Acceptance must be made with in the time provided
or reasonable time.
• Acceptance can be revoked before it reaches the offeree.
• In the case of cyber contracts acceptance has reached when
when it reaches the system of the offeree.
CONSIDERATION
• Consideration is the price of a contract.
• A contract with out consideration is void.
• Consideration must be decide by the parties themselves.
• Consideration must have some legal value in the eye of law.
• Stranger to a contract cannot claim.

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