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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