Indian Contract Act 1872: Nature of Contracts
32 Questions
3 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the distinction between an 'agreement' and a 'contract'?

An agreement is a wider term, whereas a contract is a specific type of agreement that is legally enforceable.

What are the essential elements of a contract?

The essential elements of a contract include offer, acceptance, intention to create legal relations, consideration, capacity, and legality of the object.

What is the concept of offer and acceptance in a contract?

The concept of offer involves a proposal made by one party, and acceptance is the assent to the terms of the offer by the other party.

What were the sources of contract law before the Indian Contract Act, 1872?

<p>Before the Indian Contract Act, 1872, the sources of contract law included Vedas, Dharam shastras, Smritis, Shrutis, etc.</p> Signup and view all the answers

What is the significance of communication and revocation in the context of contract law?

<p>Communication and revocation are important in the context of contract law as they govern the rules for offering, accepting, and withdrawing a contract.</p> Signup and view all the answers

What are the various types of contracts?

<p>The various types of contracts include bilateral contracts, unilateral contracts, express contracts, implied contracts, and void contracts.</p> Signup and view all the answers

What was the Arabic word for contract in the Mohammedan Law of Contract?

<p>‘Aqd’</p> Signup and view all the answers

According to Hindu law, who cannot enter into a valid contract?

<p>Minor, intoxicated person, old man or handicapped.</p> Signup and view all the answers

What was the age limit for entering into a contract according to Narada smriti?

<p>Up to 8 years considered as an infant, 8-16 years considered as boyhood, and after 16 years competent to enter into a contract.</p> Signup and view all the answers

What were contracts like during the Maurya period?

<p>Bilateral transactions based on free consent on all terms and conditions.</p> Signup and view all the answers

Under whose law was the English Law applied in the Presidency Towns of Madras, Bombay, and Calcutta?

<p>Under the Charter of 1726 issued by king George to the East India Company.</p> Signup and view all the answers

When did the Indian Contract Act come into force?

<p>September 01, 1872.</p> Signup and view all the answers

What does the preamble to the Indian Contract Act state?

<p>To define and amend certain parts of the law relating to contract.</p> Signup and view all the answers

What does the Indian Contract Act primarily deal with?

<p>General principles and rules governing contracts.</p> Signup and view all the answers

What was the geographical extent of the Indian Contract Act?

<p>Whole of India including the state of Jammu and Kashmir after removal of Article – 370 of Indian Constitution.</p> Signup and view all the answers

What was the contract considered as per the Mughal rule in India?

<p>A conjunction.</p> Signup and view all the answers

What are the essential elements of a contract?

<p>Offer, acceptance, intention to create legal relations, consideration, capacity, and free consent.</p> Signup and view all the answers

What is the distinction between an 'agreement' and a 'contract'?

<p>An agreement is a wider term that may or may not be enforceable by law, while a contract is a specific type of agreement that is legally binding and enforceable.</p> Signup and view all the answers

What does the Indian Contract Act primarily deal with?

<p>The Indian Contract Act primarily deals with the regulation of contracts in India.</p> Signup and view all the answers

What is the concept of offer and acceptance in a contract?

<p>The concept of offer and acceptance refers to the process through which parties express their willingness to enter into a contract, leading to the formation of a legally binding agreement.</p> Signup and view all the answers

What were the sources of contract law before the Indian Contract Act, 1872?

<p>Before the Indian Contract Act, 1872, the sources of contract law included Vedas, Dharam shastras, Smritis, Shrutis, and other ancient texts of Hindu law.</p> Signup and view all the answers

What are the various types of contracts?

<p>The various types of contracts include valid contracts, void contracts, voidable contracts, and unenforceable contracts.</p> Signup and view all the answers

What was the Arabic word for contract in the Mohammedan Law of Contract?

<p>‘Aqd’</p> Signup and view all the answers

Under whose law was the English Law applied in the Presidency Towns of Madras, Bombay, and Calcutta?

<p>Charter of 1726 issued by king George to the East India Company</p> Signup and view all the answers

What was the age limit for entering into a contract according to Narada smriti?

<p>Upto 8 years is considered as an infant; 8 to 16 years is considered as boyhood</p> Signup and view all the answers

What were contracts like during the Maurya period?

<p>Bilateral transactions based on free consent on all terms and conditions</p> Signup and view all the answers

What does the preamble to the Indian Contract Act state?

<p>It is an Act 'to define and amend certain parts of the law relating to contract'</p> Signup and view all the answers

What was the geographical extent of the Indian Contract Act?

<p>The whole of India including the state of Jammu and Kashmir</p> Signup and view all the answers

What does the Indian Contract Act primarily deal with?

<p>The general principles and rules governing contracts</p> Signup and view all the answers

According to Hindu law, who cannot enter into a valid contract?

<p>Minor, intoxicated person, old man, handicapped</p> Signup and view all the answers

What were the sources of contract law before the Indian Contract Act, 1872?

<p>Numerous customs and works of Smritikaras interpreting and analysing Vedas</p> Signup and view all the answers

What is the distinction between an 'agreement' and a 'contract'?

<p>An agreement is not enforceable by law; a contract is enforceable by law</p> Signup and view all the answers

Study Notes

Distinction Between Agreement and Contract

  • An agreement is a promise or set of promises that the law will enforce.
  • A contract is an agreement enforceable by law.
  • All contracts are agreements, but not all agreements are contracts.

Essential Elements of a Contract

  • Offer: One party proposes terms to another.
  • Acceptance: The other party agrees to the proposed terms.
  • Consideration: Something of value exchanged between the parties.
  • Legal Capacity: All parties must be legally competent to enter into a contract.
  • Free Consent: Voluntary agreement without coercion or fraud.
  • Legality: The contract's purpose must be lawful and not against public policy.

Offer and Acceptance

  • Offer: A definite proposal to enter into a contract.
  • Acceptance: Unconditional agreement to the terms of the offer.
  • Communication: Both offer and acceptance must be communicated to the other party.

Sources of Contract Law Before the Indian Contract Act, 1872

  • Hindu Law
  • Mohammedan Law
  • English Law applied in the Presidency Towns (Madras, Bombay, Calcutta) under the East India Company's administration.

Communication and Revocation

  • Communication: Essential for offer, acceptance, and revocation.
  • Revocation: Withdrawal of an offer or acceptance before it is accepted.

Types of Contracts

  • Express contracts: Agreed upon through words, written or oral.
  • Implied contracts: Agreed upon through conduct or action.
  • Void contracts: Not legally enforceable due to lack of essential elements.
  • Voidable contracts: Enforceable until one party chooses to void it.

Contract in Mohammedan Law

  • Arabic word for contract: "Aqad"

Contract Incapability in Hindu Law

  • Those considered legally incompetent under Hindu law include:
    • Minors
    • Lunatics
    • Idiots

Contractual Age in Narada Smriti

  • Narada Smriti stipulated an age of 16 for males and 14 for females to enter into a contract.

Maurya Period Contracts

  • Contracts during the Maurya period were recorded in writing and witnessed.

Preamble to the Indian Contract Act

  • The preamble states the purpose of the Act: to codify and clarify the law related to contracts.

Indian Contract Act Scope

  • The Act primarily deals with the formation, performance, and breach of contracts in India.
  • It applies to the whole of India.

Contract under Mughal Rule

  • Contracts were typically verbal, with witnesses present, and enforced through custom and tradition.

Indian Contract Act, 1872

  • Came into force on September 1, 1872.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Description

Test your knowledge of Chapter 2 on the Indian Contract Act, 1872, focusing on the nature of contracts, essential elements, various types of contracts, and the concept of offer and acceptance. This quiz helps you understand the meaning of 'agreement' and 'contract', their distinction, and the rules related to communication and revocation.

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser