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28 October 2020 08:53

This document discusses key aspects of contract law in India according to the Indian Contract Act (ICA). It provides definitions of a contract and agreement according to the ICA. It also lists the essential elements of a valid contract: free consent, lawful consideration, lawful objective, competency of parties, and the contract not being expressly declared void. Finally, it defines what constitutes a promise according to the ICA.

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Anay Mehrotra
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143 views

28 October 2020 08:53

This document discusses key aspects of contract law in India according to the Indian Contract Act (ICA). It provides definitions of a contract and agreement according to the ICA. It also lists the essential elements of a valid contract: free consent, lawful consideration, lawful objective, competency of parties, and the contract not being expressly declared void. Finally, it defines what constitutes a promise according to the ICA.

Uploaded by

Anay Mehrotra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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10/28/2020 OneNote

28th October
28 October 2020 08:53

Abbreviations 
 
ICA – Indian Contract Act 
 
 
 
• Why is the law of contracts important? 
 
The basic purpose of contract law is to provide a framework within which individuals
can freely contract. The contract can legally bind the contracting parties by the
creation of laws which are applicable only to the very individuals that create
the contract and its subsequent legally binding laws. 
 
 
• Evolution of law of contract 
 
link
 
• Definition of Contract (As per Indian Contract Act) 
  
An agreement enforceable by law is a contract. 
 
• What is agreement? (2-E ICA) 
 
Every promise and every set of promises, forming the consideration for each other is
an agreement.

• Essentials of a valid contract

1. Free Consent (13-22 ICA) -

2. Lawful Consideration (2-D;23;25 ICA) -

3. Lawful Objective/Object (23-30 ICA) -

4. Competency (11 and 12 ICA) -

5. The contract is not expressly declared void (30 ICA) -

What is a promise? (2-B ICA)

When a proposal is accepted it becomes a promise.

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