Documente Academic
Documente Profesional
Documente Cultură
TO
INDIAN CONTRACT ACT,1872
By
Prof. Zahid Parwez
Visiting Faculty, MBA,KSOM
Latin word “Contractum” means drawn
together.
Law of Contract is the foundation upon which
super structures of modern business is built.
It is based on the Principle of Equity.
Law of Contract furnishes the basis for other
branches of Mercantile Law.
Law of Contract lays down the legal rules
relating to promises ; viz. it’s formation, it’s
performance and it’s enforceability.
OBJECT
Definiteness
Pollock
Every agreement and promises enforceable at
law
Scheme of the Act
General Principles of the law of Contract
(Sec 1-75)
Specific kinds of Contracts :
1. Plurality of Persons
2. Consensus-ad-idem (Meeting of minds)
3. Promises and reciprocal promises
Characteristics of Contract
1. Valid Contract
2. Voidable Contract
3. Void Contract
4. Unenforceable Contract
5. Illegal/ unlawful Contract
From the point of view of mode of
Creation :
1. Express Contract
2. Implied Contract
3. Quasi Contract
From the point of view of extent of
Execution
1. Executed Contract
2. Executory