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    Lecture 2

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    Ali Khan
    The document discusses the key elements of a valid contract formation, including offer, acceptance, consideration, and privity of contract. It notes that an offer must be clear, definite, and communicated to the offeree. An acceptance must be absolute, unconditional, and communicated to the offeror. Consideration requires that the promisor receives some benefit in exchange for their promise, such as an act or forbearance by the promisee. Privity of contract means that only the contracting parties have rights and obligations under the agreement.

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    Lecture 2

    Uploaded by

    Ali Khan
    3 views13 pages
    The document discusses the key elements of a valid contract formation, including offer, acceptance, consideration, and privity of contract. It notes that an offer must be clear, definite, and communicated to the offeree. An acceptance must be absolute, unconditional, and communicated to the offeror. Consideration requires that the promisor receives some benefit in exchange for their promise, such as an act or forbearance by the promisee. Privity of contract means that only the contracting parties have rights and obligations under the agreement.

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    The document discusses the key elements of a valid contract formation, including offer, acceptance, consideration, and privity of contract. It notes that an offer must be clear, definite, and communicated to the offeree. An acceptance must be absolute, unconditional, and communicated to the offeror. Consideration requires that the promisor receives some benefit in exchange for their promise, such as an act or forbearance by the promisee. Privity of contract means that only the contracting parties have rights and obligations under the agreement.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    3 views13 pages

    Lecture 2

    Uploaded by

    Ali Khan
    The document discusses the key elements of a valid contract formation, including offer, acceptance, consideration, and privity of contract. It notes that an offer must be clear, definite, and communicated to the offeree. An acceptance must be absolute, unconditional, and communicated to the offeror. Consideration requires that the promisor receives some benefit in exchange for their promise, such as an act or forbearance by the promisee. Privity of contract means that only the contracting parties have rights and obligations under the agreement.

    Copyright:

    © All Rights Reserved
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    of 13

    Offer and Acceptance

    Offer
    When one person signifies to another his willingness to do or to abstain
    from doing anything, with a view to obtaining the assent of that to such
    act or abstinence
    Essentials of valid Offer
    • 1. Express or Implied
    • 2. Legal Relations
    • 3. Definite and clear
    • 4. Different from invitation to offer
    • 5. Specified or General
    • 6. Communication with Offeree
    • 7. Negative Condition
    • 8. Condition in offer
    • 9. Cross offer
    Revocation of offer
    • Notice of Revocation
    • Lapse of time
    • Failure to fulfil the conditions
    • Death or insanity of offeror
    • Revocation of offer by Offeree
    • Counter offer by Offeree
    • Death or insanity of Offerer
    • Subsequent Illegality
    • Destruction of subject matter
    • Prescribed Manner
    Acceptance
    • “When the person to whom the proposal is made signifies his assent
    thereto, the proposal is said to be accepted”
    Essential of valid Acceptance
    • Acceptance by Offeree
    • Absolute & Unconditional
    • Prescribed Manner
    • Communication with Offeror
    • Express or Implied
    • Acceptance after offer
    • Reasonable time
    Communication
    • Offer

    • Acceptance

    • Revocation
    Consideration
    • When at the desire of promisor, the promise or any other person has
    done or abstained from doing, or does or abstains from doing or
    promises to do or abstain from doing something, such act or
    abstinence or promise is called a consideration
    Essentials of valid consideration
    • Desire of Promisor
    • Promisee or other person
    • Act or abstinence or promise
    • Past, present or future
    • Not necessary adequate
    • Real and competent
    Exceptions of Consideration
    • Natural love and Affection
    • Voluntary contribution
    • Time barred Debt
    • Completed Gift
    • Contract of agency
    • Remission by Promisee
    Doctrine of Privity of Contract
    • Relation with respect to contracting parties

    • Cannot be sued
    • Unable to claims the rights
    Stranger to Contract
    • Trust
    • Agreement relating to immovable property
    • Family settlements
    • Agent
    • Assignment
    Unlawful consideration and object
    • Forbidden by law
    • Defeats provisions of law
    • Fraudulent
    • Involves injury to persons or property
    • Court regards as immoral
    • Court considers it against Public Policy

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