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Agreements which are not contracts: a) Agreements relating to social matters. a) Domestic arrangements between husband and wife.
a) According to validity:
Offer: An offer means a proposal. It is made with a view to obtaining the assent of the other party to the proposed act or abstinence. Types of offer: a)Express offer (written on oral) or Implied offer b)General offer or specific offer
Essentials of a Valid Offer: An offer must be clear and definite. Offer must be made with a view to obtain acceptance thereto Offer must be made with the intention of creating legal relationship Offer must be communicated to the offeree.
Every person is competent to contract if he/ she i) is of the age of majority ii) is of sound mind iii) is not disqualified from contracting by any law to which he is subject.
Coercion: i.The committing or threatening to commit any act forbidden by the Indian Penal Code or ii.The unlawful detaining or threatening to detain any property to the prejudice of any person whatever with the intention to cause any person to enter into any agreement. Consequences of coercion: Agreement caused by coercion is voidable at the option of the party whose consent has been so obtained.
Consequences of Undue Influence: Agreement caused by undue influence is voidable at the option of the party whose consent has been so obtained.
Misrepresentation: Misrepresentation means a false representation of fact made innocently or non-disclosure of a material without any intention to deceive the other party.
Consequences of Misrepresentation: The party aggrieved has following remediesi.Can avoid the contract ii.Can demand performance of the contract
Agreements against public policy- Some of the agreements which are against public policy have been declared to be void by law. These are: Trading with enemy Agreements for sale of public offices and titles Agreements in restraint of marriage Agreements in restraint of parental rights Agreements in restraint of legal proceedings Agreements in restraint of trade
i. It must be unconditional ii. It must be made at a proper place and time. iii. If it relates to delivery of goods, the promisee must have a reasonable opportunity to check the goods.
Quasi -contracts
Essentials of Contingent Contracts: i.The performance depends upon happening or nonhappening of some future event. ii.The event must be uncertain. iii.The event must be collateral to the contract
A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a contract of indemnity.
Parties to the contract of indemnity: i. Indemnifier- One who promises to make good the loss. ii. Indemnity-holder- One whose loss is to be made good.
A contract of guarantee is a contract to perform a promise or discharge the liability of a third person in case of his default.
Parties to the contract of Guarantee: Principal Debtor: The person for whom guarantee is given. Creditor: The person to whom guarantee is given. Surety: The person who gives the guarantee.
Kinds of Guarantee : i. Specific guarantee ii. Continuing guarantee Revocation of continuing guarantee: By notice of revocation by the surety. By the death of the surety. By discharge of the principal debtor.
Duties of a bailor: To disclose all the known faults in the goods. To pay any extraordinary expenses incurred by the bailee.
Contract of PLEDGE: Pledge or pawn is a contract whereby an article is deposited with a lender of money or promisee, as security for the repayment of a loan or performance of a promise.
Parties to contract of pledge: Pledgor: The depositor is called the pledgor. Pledgee: The person to whom it is deposited is called the pledgee.
Agent : An agent is a person employed to do any act or to represent another (his principal) in dealings with third persons.
Principal: The person for whom act is done by agent or who is represented in dealings with third persons by an agent, is called the principal.
In normal circumstancesDepends upon the terms expressed on his appointment or may be implied by the circumstances of the case.
In case of emergencyHe can do all such things which may be necessary to protect the principal from loss in an emergency and which he would do to protect his own property under similar circumstances.
Rights of Agents: 1. 2. 3. Right to receive remuneration. Right of lien on the goods or property. Right to be indemnified against all charges, expenses, liabilities properly incurred in the course of agency.
Termination of Contract of Agency: By performance of the contract. By mutual agreement. By revocation of authority by the principal. By renunciation of his authority by the agent. By expiration of the period fixed for the agency. By death/ becoming of unsound mind of principal or agent. By insolvency of the principal.