INDIAN CONTRACT ACT,1872
Presented To:-
Dr. RAJENDRA MISHRA
Presented By:-
RAJAT REKHI (24-MBA-07)
INTRODUCTION
HISTORY

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Came into existence on 1st September ,1872
Applicable throughout India Except Jammu and
Kashmir.
Concerned with :1)
Right in Personam.
2)
Right in Rem.
OBJECTIVE

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Rights and Obligations arising out of the contract
are Honoured.
Remedies are available to aggrieved persons of
contract.
DEFINITION
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It is an agreement which creates and defines obligation
between the parties, will be enforced by Court of law.
According to HALSBURY;
“An agreement between two or more persons which is
intended to be enforceable at law & is constituted by the
acceptance by one party of an offer made to him by the
other party to do or to abstain from doing some act.”
AGREEMNET
LEGAL
OBLIGATION
EXAMPLES OF CONTRACT
PURCHASING MILK
PURCHASING A NEWSPAPER
PURCHASING GROCERY
BOARDING AND PAYING FARE
COMPONENTS OF CONTRACT
AGREEMENT
It come into existence when party offers or make a proposal to the other party
and the other party accepts it, an accepted proposal or a promise.
OFFER
ACCEPTANCE
AGREEMENT

+
=
LEGAL OBLIGATION
It is an undertaking to do or to abstain from doing some definite act. It is
enforceable by law.
EXAMPLE :BALFOUR V. BALFOUR
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ESSENTIAL OF VALID CONTRACT

OFFER AND ACCEPTANCE.
LAGAL RELATIONSHIP.

CONSENSUS AD IDEM.
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FREE CONSENT.
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LAWFUL CONSIDERATION.
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LAWFUL OBJECT
COMPETANCY OF PARTIES .
ESSENTIAL OF VALID CONTRACT

NOT DECLARED TO BE VOID.

CERTAINTY AND POSSIBILITY OF PERFORMANCE.

LEGAL FORMALITIES.
CLASSIFICATION OF CONTRACT
CONTRACT
ENFORCEABILITY
VALID CONTRACTS
VOID CONTRACT
VOID AGREEMENTS
VOIDABLE CONTRACTS
UNFORCEABLE CONTRACTS
ILLEGAL CONTRACTS
FORMATION
EXPRESS CONTRACTS
IMPLIED CONTRACTS
QUASI CONTRACTS
PERFORMANCE
EXECUTED CONTRACTS
EXECUTORY CONTRACTS
OR
UNILATERAL CONTARCTS
BILATERAL CONTRACTS
PRACTICAL EXAMPLE
HINDUSTAN COPPER LTD.,KOLKATA
PRACTICAL EXAMPLE
PRACTICAL EXAMPLE
PRACTICAL EXAMPLE
THANK YOU!