Private Law and its Regulation of Citizen Relations

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What are contracts?

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

Why is knowledge of contract law significant for business executives?

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

Who deals frequently with contracts in the business world?

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

What Act contains the law relating to contracts in India?

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

Why is it essential to know how a contract is made and ended?

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

What is the significance of contracts in business law?

Contract forms the basis of almost all the business law. Signup and view all the answers

What is the primary concern of private law?

The rights and duties of individuals to each other Signup and view all the answers

What is the role of the State in private law?

To recognise and enforce the relevant law Signup and view all the answers

What are some examples of areas governed by private law?

Law of contract, Law of tort, Law of property, Law of succession, and Family laws Signup and view all the answers

What is the definition of crime according to the text?

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

Why is criminal law a part of public law?

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

What is another term used to refer to private law?

Civil law Signup and view all the answers

What is the legal principle that allows only parties to a contract to file suits for exercising their rights?

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

In the example given, who is C in privity with?

C is in privity with A. Signup and view all the answers

What are the different modes of formation of a contract?

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. Signup and view all the answers

What does Section 9 state about the proposal or acceptance of any promise made in words?

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

What are the three categories in which contracts can be classified based on their formation?

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. Signup and view all the answers

What is the difference between jus in personam and jus in rem?

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. Signup and view all the answers

What is the scope of the Indian Contract Act with respect to usages or customs of trade?

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. Signup and view all the answers

What happens if a party fails to fulfill their obligation in a contract?

The other party has a remedy against the defaulting party. Signup and view all the answers

What is a prerequisite for a contract to be enforceable by law?

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

What is the relationship between the Indian Contract Act and other statutes, Acts, or Regulations?

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

Can English principles of equity be applied to contracts in India?

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

What is the essence of a valid contract?

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

What happens to the obligations of parties in a contract when one party chooses to opt out of the transaction?

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

What type of unenforceable contracts are declared void according to Section 2(j)?

Those that are unenforceable by substantive law. Signup and view all the answers

What is the distinction between a void agreement and a void contract?

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

What is an example of a contract that would be void under Section 2(g)?

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

What would not make a contract void according to the passage?

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. Signup and view all the answers

What is another method of classifying contracts according to the passage?

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