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Blaw Module 1

In: Business and Management

Submitted By SARATHVARMA
Words 11667
Pages 47
UNIT – I

➢ Essential elements of a valid contract. ➢ Essentials of a valid offer. ➢ Essentials of valid consideration. ➢ Stranger to consideration. ➢ “No consideration- No contract” – explain and give exceptions. ➢ Discuss the provisions of law relating to contract by minor. ➢ Agreements Opposed To Public Policy. ➢ Free consent. ➢ Legality of object and consideration

1. ESSENTIAL ELEMENTS OF A VALID CONTRACT

1. “All contracts are agreements but an agreement are not contracts” – Discuss? (OR) Essential elements of valid contract?

Ans. Indian contract Act (I A), 1872, sec 2 defines a contract us “an agreement enforceable by law.” From the above definitation, the features of contract can be classified as 1. Agreement 2. Legal obligation.

1. Agreement: According to Sec2 (e), “Every promise or every set of promises forming consideration for each other” is called an Agreement. Therefore,

AGREEMENT = OFFER + ACCEPTANCE

CONTRACT =AGREEMENT+ENFORCEABILITY AT LAW

FEATURES OF AN AGREEMENT:
1. Plurality of the parties
2. Consensus – ad-idem 3. Legal obligation

1. Plurality of the parties; for every agreement, there should be minimum two parties because one person alone cannot enter into an agreement with himself.

2. Consensus – ad-idem; the minds of both the parties must be in ad-idem, i.e., both the parties must think of the same subject matter the same time and in the same sense.

3. Legal obligation; an agreement, to become a valid contract, it should end in legal relations. Agreements without legal obligation will not be able to construct a contract. These agreements are purely domestic arrangements. 1
For EX. Agreement...

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