Podcast
Questions and Answers
What is the primary act governing contract law in India?
What is the primary act governing contract law in India?
- Indian Partnership Act, 1932
- Transfer of Property Act, 1882
- Indian Contract Act, 1872 (correct)
- Insolvency and Bankruptcy Code, 2016
Which of the following is NOT an essential element of a valid contract?
Which of the following is NOT an essential element of a valid contract?
- Verbal agreement (correct)
- Mutual consent
- Consideration
- Intention to create legal relations
What is the meaning of IPR in the context of business law?
What is the meaning of IPR in the context of business law?
- Invention Property Rights
- Intellectual Property Rights (correct)
- Intellectual Product Rights
- International Property Regulations
Which section of the Indian Contract Act deals with the performance of contracts?
Which section of the Indian Contract Act deals with the performance of contracts?
What is a contingent contract?
What is a contingent contract?
What is the relationship between an agreement and a contract according to the Indian Contract Act?
What is the relationship between an agreement and a contract according to the Indian Contract Act?
According to the Indian Contract Act, what constitutes an agreement?
According to the Indian Contract Act, what constitutes an agreement?
Which section of the Indian Contract Act defines the general principles of contract law?
Which section of the Indian Contract Act defines the general principles of contract law?
What does section 2(h) of the Indian Contract Act specify?
What does section 2(h) of the Indian Contract Act specify?
Which of the following best describes the concept of 'consideration' in an agreement?
Which of the following best describes the concept of 'consideration' in an agreement?
Flashcards
Indian Contract Act, 1872
Indian Contract Act, 1872
The primary law governing contracts in India.
Intellectual Property Rights (IPR)
Intellectual Property Rights (IPR)
Rights protecting creations of the mind, like inventions and artistic works.
Section 37 of the Indian Contract Act
Section 37 of the Indian Contract Act
Deals with obligations of parties to fulfill their contractual promises.
Contingent contract
Contingent contract
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Contract
Contract
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Agreement
Agreement
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Section 2(h) of the Indian Contract Act
Section 2(h) of the Indian Contract Act
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Consideration
Consideration
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Study Notes
Overview of Contract Law
- Indian Contract Act, 1872 governs contract law in India.
- Contract consists of agreement and enforcement by law, creating a legal obligation.
- Sections 1 to 75 of the Act cover general principles of contract law.
- Essential elements of a valid contract include offer, acceptance, and consideration.
Types of Agreements
- Differentiates between social agreements and domestic agreements.
- An agreement is defined as every promise forming the basis of consideration for each other (Section 2(e)).
- Enforcement of an agreement by law designates it as a contract (Section 2(h)).
Performance and Breach of Contract
- Performance of contract refers to fulfilling obligations as per agreement.
- Breach of contract occurs when one party fails to perform their contractual obligations.
- Contingent contracts depend on uncertain events, while quasi-contracts are implied by law.
Consideration
- Consideration is a fundamental aspect of contract law, necessary for a legally enforceable agreement.
- It must involve an exchange of value between parties.
Intellectual Property Rights (IPR)
- Overview includes definition and significance of Intellectual Property Rights.
- Indian Patent Laws outline procedures and rules regarding patents.
- WTO Patent Rules relate to international standards in patent granting.
Patent Process in India
- Procedures to obtain a patent include filing applications and meeting eligibility criteria.
- Rights regarding restoration or surrender of lapsed patents are also covered.
- Patent infringement occurs when unauthorized use of a patented invention takes place.
Special Contracts
- Indian Contract Act sections 124 to 238 address special kinds of contracts, detailing unique obligations and rights.
Business Law
- Also known as Commercial Law or Mercantile Law, this includes the regulatory framework for business operations and transactions.
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