1. 1. Introduction Name : Zahid mehraj Section:Q3208 PRASENTATION: NATURE OF CONTRACT ROLL NO: Q3208A28
2. 2. CONTRACT: A contract is an agreement made between two or more parties which the law will enforce. There should be consensus ad idem. CONTRACT=AGREEMENT + ENFORCEABILITY AT LAW
3. 3. CONTRACT VALID CONTRACT INVALID CONTRACT
4. 4. VALID CONTRACT: 1.Offer and acceptance. 2.Free consent. 3.Lawful object and agreement. 4.Agreement not declared illegal. 5.Lawful consideration. 6.Certianty or possibility of the performance. 7.Above 18. 8.Sound mind. 9.Not convicted to crime.
5. 5. INVALID CONTRACT: 1.No offer and acceptance. 2.No free consent. 3.No lawful object and agreement. 4.Agreement declared illegal. 5.No lawful consideration. 6.No certainty or possibility of the performance. 7.Under 18. 8.Disorderd person{unsound mind}. 9.Convicted to crime.
6. 6. NATURE OF THE LAW OF CONTRACT: 1.Does not lay down number of rights and duties, which law will enforce. 2.Creating rights and duties for themselves which the law will uphold. 3.Should not infringe some legal prohibition. 4.Should be enforceable by law.
7. 7. ESSENTIALS OF CONTRACT: 1.There must be an agreement . 2.The parties must intend to create legal relationship. 3.The parties must be capable of entering into an agreement as regards age and understanding. 4.The agreement must be supported by consideration on both sides. 5.The consent of the parties must be free and genuine.
8. 8. qCLASSIFICATION OF CONTRACT: VOID CONTRACT: A contract which ceases to be enforceable by law. VOIDABLE CONTRACT: A contract which is enforceable by law at the option of one party thereto, but not at the option of the other. EXPRESS CONTRACT: A contract in which the terms are stated in words {written or spoken} by the parties.
9. 9. IMPLIED CONTRACT: A contract which is inferred from the circumstances of the case or from the conduct of the parties. QUASI CONTRACT: An obligation created by law, regardless of agreement. EXECUTED CONTRACT: A contract which is wholly performed by both the parties.
10. 10. EXECUTORY CONTRACT: A contract in which the promises of both the parties have yet to be performed. UNILATERAL CONTRACT: A contract in which only one party has yet to perform his obligation . BILATERAL CONTRACT: A contract in which both the parties have yet to per form
11. 11. ANY QUERIES