Indian Contract Act 1872 Overview

It means the parties must have the legal capacity to enter into a contract, without any incapacity due to status, such as being a minor or mentally incompetent.

It means the parties must mutually agree on the contract terms without any coercion, undue influence, fraud, or misrepresentation.

A lawful object means the contract's subject matter must not be illegal, immoral, or against public policy.

<p>Certainty ensures that the contract terms are clear and definite, while possibility means that the obligations must be feasible to perform.</p> Signup and view all the answers

<p>If an agreement is expressly declared void by law, it cannot be enforced and is treated as if it never existed.</p> Signup and view all the answers

<p>Legal formalities can include whether the agreement must be in writing and whether it requires registration, attestation, or stamping.</p> Signup and view all the answers

<p>No, a minor generally cannot enter into a valid contract due to lack of legal competency.</p> Signup and view all the answers

<p>Consensus ad idem refers to the mutual agreement and shared understanding between the parties on the terms of the contract.</p> Signup and view all the answers

<p>It means that a contractual obligation can be terminated by mutual agreement of the parties involved.</p> Signup and view all the answers

<p>Novation occurs when a new contract replaces an existing one between the same parties or introduces a third party.</p> Signup and view all the answers

<p>Rescission cancels all or some terms of the contract, either by mutual consent or when one party fails to perform.</p> Signup and view all the answers

<p>Alteration refers to the modification of one or more terms of a contract with mutual consent between the parties.</p> Signup and view all the answers

<p>Remission is the acceptance of a lesser fulfillment of a promise made, accepting a partial payment as full satisfaction.</p> Signup and view all the answers

<p>Waiver occurs when parties mutually agree to no longer be bound by the contract terms.</p> Signup and view all the answers

<p>Yes, a contract can be discharged by implied agreement as long as the parties consent.</p> Signup and view all the answers

<p>Mutual consent is crucial as it enables parties to agree on discharging or modifying contract obligations.</p> Signup and view all the answers

<p>Past consideration.</p> Signup and view all the answers

<p>It must be made in writing and signed by the debtor or their authorized agent.</p> Signup and view all the answers

<p>The rule 'No consideration, no contract' does not apply to completed gifts.</p> Signup and view all the answers

<p>No, consideration is not necessary to create an agency.</p> Signup and view all the answers

<p>A minor is a person who has not completed 18 years of age.</p> Signup and view all the answers

<p>They are generally void and inoperative.</p> Signup and view all the answers

<p>The promisee must make commitments that change their position to their detriment.</p> Signup and view all the answers

<p>They must be of age of majority, of sound mind, and not disqualified by law.</p> Signup and view all the answers

<p>The contract becomes voidable at the option of the promise.</p> Signup and view all the answers

<p>An agreement is illegal if its object or consideration is prohibited by law or against public policy.</p> Signup and view all the answers

<p>An unenforceable contract cannot be enforced in court due to technical defects like absence of writing or lapse of time.</p> Signup and view all the answers

<p>An express contract is formed when the terms are expressly agreed upon, either in spoken or written form.</p> Signup and view all the answers

<p>An implied contract is inferred from the conduct of the parties, not explicitly stated in words.</p> Signup and view all the answers

<p>A quasi contract resembles a contract but lacks all the essentials for a valid contract; it is created by law.</p> Signup and view all the answers

<p>An E-Commerce contract is an agreement entered into between parties via the internet.</p> Signup and view all the answers

<p>An example would be the obligation of a finder of lost goods to return them to the true owner.</p> Signup and view all the answers

<p>Recession refers to the cancellation of a contract by one party due to the other party's breach, allowing the injured party to refuse further performance.</p> Signup and view all the answers

<p>Damages can be classified into ordinary damages, special damages, vindictive damages, and nominal damages.</p> Signup and view all the answers

<p>These are known as ordinary damages or damages arising naturally.</p> Signup and view all the answers

<p>An example is when a seller provides poisonous feed, leading to losses incurred by a buyer who sold it to farmers.</p> Signup and view all the answers

<p>They are considered punitive and are not aimed at compensating the injured party for losses.</p> Signup and view all the answers

<p>Nominal damages are a small amount awarded when the injured party hasn't suffered any actual loss.</p> Signup and view all the answers

<p>The non-breaching party is absolved of all obligations under the contract.</p> Signup and view all the answers

<p>The buyer can claim damages reflecting the price difference due to market changes, such as Rs. 23 per quintal.</p> Signup and view all the answers

<p>The right is based on an implied promise by the other party to pay for what has been done.</p> Signup and view all the answers

<p>Specific performance involves directing the party in breach to fulfill their promise according to the contract's terms.</p> Signup and view all the answers

<p>An injunction restrains a party from doing something they promised not to do.</p> Signup and view all the answers

<p>A contingent contract is one where the promisor's performance depends on the fulfillment of certain conditions.</p> Signup and view all the answers

<p>A promises to pay B Rs. 20,000 if B's house is damaged by fire.</p> Signup and view all the answers

<p>There must be an existence of a contingency, it must be uncertain, and the event must be collateral to the contract.</p> Signup and view all the answers

<p>The contingency must be uncertain; if it is certain, the contract does not qualify as contingent.</p> Signup and view all the answers

<p>The court issued an injunction to restrain W from performing for Z.</p> Signup and view all the answers