Private Law and its Regulation of Citizen Relations

Contracts are agreements that confer legal rights on one party and subjects the other party to some legal obligation.

Contract law is tremendously significant for business executives because it underlies or is related to all major areas of law affecting business.

Business executives, corporate counsels, entrepreneurs, and professionals in different fields deal frequently with contracts.

<p>The Indian Contract Act, 1872 contains the law relating to contracts in India.</p> Signup and view all the answers

<p>It is essential to know how a contract is made and ended to understand the legal obligations and remedies in case of breach.</p> Signup and view all the answers

<p>Contract forms the basis of almost all the business law.</p> Signup and view all the answers

<p>The rights and duties of individuals to each other</p> Signup and view all the answers

<p>To recognise and enforce the relevant law</p> Signup and view all the answers

<p>Law of contract, Law of tort, Law of property, Law of succession, and Family laws</p> Signup and view all the answers

<p>An unlawful act or default which is an offence against the public and renders the person guilty of the act liable to legal punishment</p> Signup and view all the answers

<p>Because the society or ‘the people’ are directly involved, and their interests are represented by some governmental agency</p> Signup and view all the answers

<p>Civil law</p> Signup and view all the answers

<p>The legal principle is called 'privity of contract'.</p> Signup and view all the answers

<p>C is in privity with A.</p> Signup and view all the answers

<p>A contract may be made in writing, by word of mouth, or inferred from the conduct of the parties or the circumstances of the case.</p> Signup and view all the answers

<p>According to Section 9, if the proposal or acceptance of any promise is made in words, the promise is said to be express.</p> Signup and view all the answers

<p>Contracts can be classified based on their formation as made in writing, by words spoken, or inferred from the conduct of the parties or the circumstances of the case.</p> Signup and view all the answers

<p>Jus in personam creates a personal right that applies only to a specific person or parties to a contract, while jus in rem creates a real right that applies to everyone.</p> Signup and view all the answers

<p>The Act does not affect any usage or custom of trade, and parties to a contract can apply usages to their contracts as long as they are not inconsistent with the Act's provisions.</p> Signup and view all the answers

<p>The other party has a remedy against the defaulting party.</p> Signup and view all the answers

<p>An agreement between at least two parties that creates rights and obligations.</p> Signup and view all the answers

<p>The provisions of other statutes, Acts, or Regulations that are not expressly repealed by the Indian Contract Act remain unaffected.</p> Signup and view all the answers

<p>Yes, Indian courts can apply English principles of equity in suitable cases, as long as they do not contradict the Indian Contract Act.</p> Signup and view all the answers

<p>A valid contract is an agreement that creates rights and obligations between parties, which can be enforced by law.</p> Signup and view all the answers

<p>All parties are excused from their obligations under the contract.</p> Signup and view all the answers

<p>Those that are unenforceable by substantive law.</p> Signup and view all the answers

<p>A void agreement is unenforceable from the beginning, while a void contract is valid at formation but becomes void later.</p> Signup and view all the answers

<p>A contract with an alien enemy from its inception.</p> Signup and view all the answers

<p>A mere failure to sue within the time specified by the Limitation Act or an inability to sue by reason of the provisions of one of the orders under the Civil Procedure Code.</p> Signup and view all the answers

<p>In terms of the extent to which they have been performed.</p> Signup and view all the answers