CONTRACT. What is a contract?
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1 CONTRACT What is a contract?
2 2
3 Definition of a contract A legally binding agreement that means there must be some kind of agreement between two parties However, not all agreements are contracts because not all agreements are legally enforceable legally enforceable means that a court will say that an agreement is a contract 3
4 Void Contracts AGREEMENT + NO ENFORCEABILITY They have no legal effect Example Agreement with minor 4
5 Teacher gives his students so much homework that they decide to kill him The students pay a Russian hit man 50,000 to kill teacher 5
6 6
7 However, the Russian simply spends all the money in bars and then goes home He does not kill teacher 7
8 8
9 The students cannot claim their money back because it is illegal to hire a hit man to kill someone. Their contract with him is void 9
10 Voidable Contracts This is an example of fraud A voidable contract is an agreement entered into by two or more parties that can be declared invalid by one of the parties for a legal reason. Usually, only one of the parties has the right to cancel the contract. Until that party voids the contract, it remains valid and binding on all of the parties. 10
11 Voidable Contracts - Example Mr. Aarav pays for a holiday in Shimla because the travel service shows him pictures of a lovely 5 star hotel However, when he arrives, finds that the hotel certainly doesn t look like the pictures 11
12 Voidable Contracts Example (cont.) If the travel company knew about the hotel, then they have made a misrepresentation to Aarav Aarav has right to breach the contract So the contract is not automatically void (like with the hitman), it is voidable at Aarav choice 12
13 Unenforceable Contracts An unenforceable contract is a legal contract that a court cannot or will not enforce due to a technical defect. An unenforceable contract is valid, but gives the court system reason to refuse to offer remedy to either party.. For example, a time limit for enforcing the contract may have expired 13
14 Bailment Definition The transfer of possession of something (by the bailor) to another person (called the bailee) for some temporary purpose (eg. repair or storage) after which the property is either returned to the bailor or otherwise disposed of in accordance with the contract of bailment. 14
15 PLEDGE The act of delivering goods, property, etc., to another for security. 15
16 References ( images) Syllabus book 16
17 Indian Contract Act 1872
18 References ( images) Syllabus book
19 Essential Elements of a Valid Contract Offer and Acceptance- agreed on the same thing Lawful Consideration in the eyes of law Capacity of the Parties Free Consent Lawful Object Legal formalities If any of the above is missing, the contract becomes void 3 C s
20 Q A promises to B an employment in the public service, and B promises to pay 1,000 rupees to A. A The agreement is void, as the consideration for it is unlawful.
21 Q if you shake hands and agree to purchase TV for Rs 30,000?????? A you have a valid contract. The contract is complete when you give them the money and they give you the TV. Contracts can be as informal or as formal
22 Q 'A' who owns2 cars x and y wishes to sell car 'x' for Rs.30,000. 'B', an friend of 'A' does not know that' A' owns car 'x' also. He thinks that' A' owns only car 'y' and is offering to sell the same for the stated price. He gives his acceptance to buy the same. A- Thereis no contract because the contracting parties have not agreed on the same thing
23 Q- A storekeeper agrees to purchase stolen goods. A purely void contract
24 Q I paid to a lawyer by cheque to process my papers for Canadian immigration in As of today he has not done anything, he does not reply to my registered letters A- You can file suit for recovery and damages against the said Lawyer
25 Offer and Acceptance There must be minimum two parties to an agreement. one party making the offer (also called as offerer/proposer/promisor) and the other accepting it (also called as offeree/proposee/promisee/acceptor) The terms of offer must be definite Acceptance must be unconditional.
26 Lawful Consideration 1.Consideration is the price of a contract. 2. A contract without consideration is void. 3. Consideration must be decided by the parties themselves. Consideration can be fulfilled by third parties. 4. Consideration must have some legal value in the eyes of law.
27 Capacity of the Parties A minor and an unsound person and an insolvent person cannot enter into contracts. It is void ab initio. Reason : The contract creates legally binding obligations on the parties and hence only those who have the capability (capacity) to do so should be allowed otherwise they(minor/unsound/insolvent) may harm themselves.
28 Free Consent Where a person who is in a position to dominate 1. Consent must be free and true. 2. A consent is not free and true when it is induced by = - forcefully - undue influence - fraud - misrepresentation - mistake
29 A applies to a banker for a loan at a time when there is stringency in the money market. The banker declines to make the loan except at an unusually high rate of interest. A accepts the loan on these terms. This is a transaction in the ordinary course of business, and the contract is not induced by undue influence
30 Lawful Object Every agreement of which the object or consideration is unlawful is void. A promises to obtain for B an employment in the public service, and B promises to pay 1,000 rupees to A. The agreement is void, as the consideration for it is unlawful.
31 WHAT IS CONTRACT? The term `Contract` is defined in Section2(h) of the Indian Contract Act, which reads- An agreement enforceable by law is a contracts Contract = An Agreement + Enforceability (by law)
32 References ( images) Syllabus book
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