Category «Contract Law»

Remedies For Breach Of Contract – Notes

REMEDIES-FOR-THE-BREACH-OF-CONTRACT

Remedy means a course of action available to an aggrieved party when other party breaches the contract. Remedies for breach of contract: Rescission of contract Suit for damage Suit for specific performance Suit for injunction Quantum merit Recission Of Contract – Section 39 It means right to party to cannot contract. In case of breach …

Quasi Contract

quasi-contract

Quasi-contract is declared by law as valid contracts on the basis of principles of equity i.e., no person shall be allowed to enrich himself at the expense of another the legal obligation of parties remains the same. Nature of Quasi-contract: A quasi-contract does not arise from any formal agreement but is imposed by law. Every …

Consideration: Contract Law

consideration

Presence of consideration is one of the essentials of a valid contract. The subject of certain exception, the general rule in India is that “an agreement, without consideration, is void”. MEANING (a) Consideration is a quid pro quo, i.e., something in return, it may be – (i)something benefit right, interest, loss or profit that may …

Free Consent – Contract Law

free-consent

One of the essentials of a valid contract mentioned in section 10 is that the parties should enter into the contract with their ‘Free consent’. According to section 13. Two persons are said to have consented when they agree upon the same thing in the same sense. In English law, this is called ‘consensus–ad-idem’. Effect …

Capacity To Contract

capacity-to-contract

PARTIES UNABLE TO ENTER INTO A CONTRACT Minor A person of unsound mind A person disqualified by law Who is competent to make a contract: Section  11. Every person is competent to contract who is of the age of majority according to the law to which he is subject, who is of sound mind and …

Types Of Contracts in India

types-of-contracts

There are four types of contracts:- On the basis of creation On the basis of validity On the basis of execution On the basis of liability   CONTRACTS ON THE BASIS OF CREATION Express contract:- A contract made by the word spoken or written. According to Sec. 9 in so far as the proposal or …

Indian Contract Act, 1872

indian-contract-act

Introduction to Indian Contract Act The law relating to contracts in India is contained in the Indian Contract Act, 1872. The Act was passed by British India and is based on the principles of English common law. It is applicable to all the states of India except the state of Jammu & Kashmir. It determines …