Send the link below via email or IMCopy
Present to your audienceStart remote presentation
- Invited audience members will follow you as you navigate and present
- People invited to a presentation do not need a Prezi account
- This link expires 10 minutes after you close the presentation
- A maximum of 30 users can follow your presentation
- Learn more about this feature in our knowledge base article
Do you really want to delete this prezi?
Neither you, nor the coeditors you shared it with will be able to recover it again.
Make your likes visible on Facebook?
Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.
The Indian Contract Act, 1872 - Part 1
Transcript of The Indian Contract Act, 1872 - Part 1
(a) Express contract - A contract made by words spoken or written.
(b) Implied contract - A contract inferred by the conduct of a person, or the circumstances of the case.
(a) Executed contract - A contract in which both the parties have fulfilled their obligations under the contract.
(b) Executory contract - A contract in which both the parties have still to fulfill their obligations.
(a) Valid contract - An agreement which satisfies all the requirements prescribed by law.
(b) Void contract - A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable.
(c) Voidable contract - An agreement is a voidable contract if –
- It is enforceable by law at the option of one or more of the parties thereto,
- It is not enforceable by law at the option of the other or others.
- Illegal agreement - An agreement the object of which is unlawful.
- Unenforceable contract - A contract which fulfills all requirements of a contract except some technical requirements. It becomes enforceable when the defect is subsequently removed
The indian contract act,1872 - Part 1
Promise - According to sec.2(b), when a person made a proposal to another to whom proposal is made, if proposal is assented there to.
Promisor & Promisee - When a proposal is accepted -
- The person making the proposal is called as ‘promisor’; and
- The person accepting the proposal is called as ‘promisee’.
AGREEMENT - According to sec.2(e), every promise or set of promises forming consideration for each other.
Proposal / Offer Sec 2(a) - When one person signifies to another, his willingness to do or to abstain from doing anything, with a view of obtaining the assent of that –
• To such act; or
He is said to make a proposal (i.e., offer)
AGREEMENT = OFFER + ACCEPTANCE
On the basis of creation
On the basis of Execution
Distinction between Agreement and Contract -
Contract - An agreement enforceable by law is a contract.
On the basis of enforceability