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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