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Contract Law
Contract Law
Contract Law
What is a Contract
Contract is an agreement enforceable by law.
For the formation of contract, there must be an agreement and its enforceability at
law.
5. What is an Offer
An offer is a statement of terms which it appears that you are willing to standby.
9. What is Consideration
Consideration means something in exchange.
Fraud
Fraud is the intentional misleading of one person by another.
Misrepresentation
Misrepresentation is a false representation of a statement of fact made innocently, without
any intention to deceive the other party.
Mistake
Mistake may be defined as an erroneous belief about something. Two parties cannot
believe same thing in the same sense when they are under a mistake.
13. Void Agreements
Agreement in restraint of marriage
Agreement in restraint of trade
Uncertain agreements
Agreements in restraint of legal proceedings
2. What is Arbitration?
Arbitration means submission by two / more parties of their disputes to the judgment of
a third person called ‘arbitrator’ who has to decide the dispute in an impartial
manner following principles of natural justice
6. Institutional Mechanism
- Indian Council of Arbitration (ICA)
- Indian Society of Arbitrators (ISA)
- International Centre for Alternate Dispute Resolution (ICADR)
7. Advantages of Arbitration
- Quick decision
- Minimum technical formalities
- Flexibility & Specialisation
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