ICA Revision Charts by Shivangi Agrawal Mam PDF

 # NDIAN CONTRACT ACT , 1872 - -...

 # NDIAN CONTRACT ACT , 1872 - - Promise Proposal when accepted Promise Proposal Acceptance becomes = + a One Person to t Promise does/abstains person whom & consideration from doing something signifies proposal made = & at the desire of Promisor S willingness forceability · signifies -Agreement - En = CONTRACT to T assent creation do or Set of abstain reciprocal ofintent/ legal doing & promises forming consideration obligation each for other enforceable by social not agreements are Law effect ICA into 1872 came from 1 09.. Con of enforceability) CONTRACT the basis Valid Void Voidable to be which if enforceable by ceases Law enforceable by it law the at option becomes void when ceases of one or more enforceable to be I not. others parties T Regal Unenforceable - technical forbidden by Law good in substance but defect On the basis of formation Express with Implied Guasi When Law E-contracts words spoken otherwise than in words creates entered using. written Electronic means regal right or Executed ~ : - b the ases Executo Performan of a Bilateral Both parties one party ↓ performed Yet to Both parties perform fulfilled have to respectiv 2 obli gations Obligation perform © CA Shivangi Agrawal  of Valid Contract : Essentials a D Agreement offer + Acceptance : - # Eg. Reachingan understanding on anything. Aagreed kof sugar to buy Iand 40/kg from B B agreed to sell the same. - 2) Free consent :- of consent # * has Meani 2 Eg. cars : - - ng I of Blue colour 1 of Purple colour - agreedRs A to sell Blue for car. eakhs to B # Seller has blue car in mind. While ha mind. Buyer se purple I there is ⑮yes which means Seller absence of Identity of Minds. Meaning of Free consent Eg #. A threatens B buy to his Blue ese he car for 2 lakhe or will kidnap his daughter and B agrees. Here , consent is there but it is not FREE. © CA Shivangi Agrawal 3) capacity of Parties Eg. Munsound Minor competent to contract 4) Lawful Consideration & Lawful Object. Eg X. Meaning of Consideration # Consideration Book seller is Rs for 1000 said by the Boy. is consideration for Boy the the different books he purchased - from the shop. Meaning of Lawful consideration & Object - a Anagreemento theft if the returns str of Unlawful object. 5) Agreements expressly declared. void Eg # Agreement in Mary. any I'll a restraint is of marriage expressly. void give you 10 crores after I ye of marriage. © CA Shivangi Agrawal hEssentials e r not us 10 given 1) Two Parties -O # X closed his proprietorship business and took all assets to his home. Will pay thefa considering eed he tan that as Assets assets at in office home. being are No Person be I seller both buyer can. - 2) Intention to create Legal Obligation. - Eg. Video. 3) capable of Performance Eg *. * man entered into a contract kgs of a a to supply 100 -treat det by fire rend is of performance e - ess. 4) Certain Meaning #supply ofwhich 10 should tonnes specifycertain type of O ol to meaning agreement to. give - 5) Legal formalities. Eg. # Insurance contract will valid only be O inwila /dug - © CA Shivangi Agrawal  Types of offers DExpress offer Eg will. you carry my ? luggage - 2) Implied offer Eg. # picking up A coolie & luggage is making an offer carry ↓ to em plied the - Same - General offer I Eg. * is offer - General made all to. will become Anyone who finds missing dog offere/orn the - r party z © CA Shivangi Agrawal 4) specific offer Eg &. Well YourMarry a The offer ismade a specific pers on offere fixedX and hence e is else. - by anyone 5) Cross offer youWil a Eg will you buy my. housefora -each parties Both offer othearemakingsame ae 6) Counter offer Yes but Eg. , will if you give at 95 lakhs · buy youhouse my I ca ? for © CA Shivangi Agrawal > - Essentials Mere of silence a Valid is Acceptance : not - acceptance to whom Acceptancemade be giv only by person en / can is offer otherwise it > It must be I absolute unqualified offer - to counter amounts must be communicated > - It mode > - It must be in prescribed. > - It may be express/implied > - to must be within specified/reasonable time - © CA Shivangi Agrawal  Communication of Offer - offeror (Mr A) · # Offere (MrB)- offer 7 A A Letter dispatched by Letter offere (B) 1 1 2020 received by on on.. ene - offeror (A) 4. 1. 2020. communication ofof a 2020 i - Communication of Acceptance S Acceptance = of A of Letter Letter acceptance acceptance received on 10. 1. 2020 dispatched on 6. 1. 2020 - communication of Acceptance (A can't withdraw Against 6 2020 A-on. 1. 2020) after 6 1 offer on or.. - 2020 (B can't Againstwithdraw B - on 10. 1. acceptance on or Against↓ offeror after 2020) 10 1 offere Against.. The date when letter ↓, The date when leller - in transmission is put reaches proposer © CA Shivangi Agrawal  - Communication of Revocation of Offer · Revocation of offer 7 A # of Letter Letter revocation of revocatio W received 3 1 2020 dispatched on on 2. 1. 2020.. f e revoked r is Hence on 32020 acceptan by · a B ~ · Revocation of offer 7 # # Letter revocation Letter of revocation of dispatched 2 received 5 2020 on. 1. 2020 on. 1. ~ offer is before acceptance revoked on 5. 1. 2020 (ie. sents acceptance by as so B will be invalid. ⑫ Revocation of offer 7 W A of Letter revocation Letter of revocation received 7 1 2020 dispatched on 2. 1. 2020 on.. - # acceptance by Base already postedon Since th evocat envalid & © CA Shivangi Agrawal  Communication of Revocation of Acceptance - ⑫ Revocation of Acceptance ~ WReceipt ton revocation 9th A Dispatch of revocation 8thon Ecceptance revoked and ben ding A is not since no contract was formed. ⑫ Revocation of Acceptance ~ W Receipt of revocation 11th on A aa Dispatch ster - - can't berevoked since contact ceptance © CA Shivangi Agrawal  CONSIDERATION-2(d) At desire from Executed/ may be need Not Real not promise past not Some unlawful of Executory , thing be se other Promisor any present , adequate promissor opposed person future to Public bound to do policy No consideration - No Contract - See 25 Exceptions Written Agency completed Past Bailment promise agreement voluntary to pay gift based an services time- charity natural barred love debt Stranger sue-privity of to contract can't contract Exceptions Trust a Assignme Covenants family Marriage Estoppel Agency settlement running so Land contract capacity to -ncompetent T Minor Person ofUnsou Others Always plead Minority Alien property viable for necessaries propertyliable a s Enemies for Guardian can enter into supplied foreign ambassad as contract on behalf convicts No ratification on majority Insolvent Restitution Minor can't be declared insolvent company Outside can be an Agent MOA fully paidshar a can hold or admitted to of partnershi · © CA Shivangi Agrawal  Ti flaw r consent I I I infue e - I * Coercion (15) due Misrepresentation = Mistake in threatening One party Misrepresentation Parties are to under commit position to have a dden dominate may Mistake forbi act intent to other by IPC will of it deceive & ↓ Agreement. as use to is is thus turned unfair void. advantage fraud altogether I Hi Mere silence 17 protamou d Fraudulent (17) to fraud except when there is fraud (18) duty to speak Misrepresentation VOIDABLE (21) (20) op pal I I 1 - Down - foreigne J J Bilateral Unilateral countr - y - y Mist als e mistake - I I A J Mistake as to Mistake as ict matter possib Subj to ely I of performance Eniality pantity Enter - I Estence. Entity I- J Physical possibly · em A Legal o 0 possibility - en 8 - Lawful Object& consideration consideration consideration/ consideration Immoral opposed object involves consideration to Public o J policy to objectdden defeats provisions injuryare forbi property Law by of Law fraudulent © CA Shivangi Agrawal  Agreements opposed Public to Policy Trading stifling Maintenance & Trafficking Marriage Interference with brokerage in Public with prosecution champerty court Enemy offices -greements A consideration in office Interest in Agreement unlawful restraint of parental againstation Obli part ri gets Agreements expressly declared to be void Restraint Restraint By Detent Mutual Unlawful Restraint comf mistake of of of & object en or trade persons of fact consideration marriage legal proceeding do wagering Agreements to with certain impossible acts meaning Agreements Performance of a contract Obligatinto perfor unless - - is a - ? By e consequences "consequences where of reftual now whom ? How ? m Performance - x. I I ↑ V # Actual Attempted Performance Acceptance Performance (39) (38) Essentials joemise of Valid Tender a > - It must be unconditional. > - Proper time I place > - Must be made - to proper person fatiable obli > - of whole > - must give opp. for inspection. Person willing > - Must made who is to by be a Perform his obligation. of > - of In tender of case it should exact money , be amount. © CA Shivangi Agrawal  Performance of Reciprocal Promise Promisor not bound if Promise not willen * ready& to to perform perform If order/sequence performance in that order of performance fixed nature of Iforder to no order which transaction requires prevented from performing part, is his One party contract becomes voidable at his option of he gets entitled to compensation part before to his other perform can has # person perform If he fall · to do so , Leg. he had supply to timber for construction] he can't claim performance [can't ask for constructions and also liable for compensation do If reciprocal promises to certain Legal then certain thir illegal things gs Cuse it to buy leg machinery) sell a drugs). ↓ Void Agreement Valid contract do Alternative to promise. either something or something illegal legal ↓ ↓ void Valid © CA Shivangi Agrawal  55 -Sea - Where time is Not essence ↓, ↓ Promison promison did not can claim performtumat specified O comp - & but e Cant ↓ rescind contract Promper may ↳- > Accept rescind I contract I - - also If can Fant claim aties specifies comf sens Promisor to time claim P at can - of accelsting & ↳ claim may claim. (Sec 56] If no impossibility existed at the time of formation of contract and the but nature is arises subsequently such that it makes the performance of contract either ↓, impossible/illegal It supervening impossibility becomes ↓ Contract becomes void ↓ Parties dis charged are ↓ benefits. tone may res © CA Shivangi Agrawal  Appropriation of Payments where debt to where debt to be where neither be is charged dis indicated discharged indicated is not party appropriates 1 , to be ↓sayment to be creditor apply payment may dis applied in discharge applied for payment for charge in order charge of debts dis debt at of sarticular that debt J of any discretion of time only Contracts which need performed not be Novation need - with New Old old contract one substitution of. performed S be Effect not of Novation Rescission- cancelled contract Rescission old contract is I no new Alteration , Only Parties need not perform Alteration - In old terms need not be Terms are changed performed Promise may waive/remit extend time performance wholly/in part may or voidable contract Party resinds a > - if received benefit must restore. Likewise who received benefitit under void , person is bound to restore agreement. communicated to other party Rescission must be proposal as in same manner provide facility for performance to If promise neglects , perform not promise may teacher not refuses student to learn Leg if , , may teach ] © CA Shivangi Agrawal  DISCHARGE By Performance By Mutual Agreement impos sibility of Performance · - By By las of time 3 se contract of Law By operation - breach ↓ By waiver Perform Not perform By of performance I ↓ 7 *- 1 ding to By not * facibly prov Y But Breach Defective prevented Performance valid Breach O to Merger of attempt/ Tender rights - successfully performed - Suit for Rescission Suit for Suit guantum for Merrit of specific damages inf unction · contract ↓ ↓ performance party Ordinary, who special , performed work can exemplary , claim Nominal , remuneration work deterioration for for caused already by done delay , Liquidated damages contracts contract to do Contingent something if Some - event collateral , to such contract does/does not happen. Eg. contract of insurance , indemnity. guas ,contracte Law Greates enforces legal rigta Mistake/coercion eg finder. of , goods Goods delivered under , claim for necessities , © CA Shivangi Agrawal  Rules for Enforcement of Contingent contract If con tingent If contingent or happening of not happening an on C event of an event becomes I Enforceable void becomes assive Enforceable void if if that event event when that expiration hapoening event ent or of imy · happens happens hapy serung time Non- happening ~ empossible -↑ event is of act Ifimpossible event is liv" of his person eng conduct renders event times at the contract of making impossible contract is void-ab- contract becomes void initio © CA Shivangi Agrawal  Indicate Counteract Alek , 1187122 ④ ⑤ educate ccoixkaads ) of ( Chapter Contract Bailment - II - sections 148 to 181 Delivery of goods by person for Purpose one to another some can be Actual symbolic - constructive Bailon Bailee when purpose accomplished Indisposed according be returned of person delivering them to directions. - Bailon Bailee Essentials movable This is a contract of bailment Only for ( money) Not which certain goods confers upon Possession changes rights and duties must return Bailor and Bailee goods same essential Delivery following in the cases can be implied Law also by Gratuitous Non Gratuitous - B. ailment Bailment for some reward charges No or reward x. Hire charges paid by bailee OR for the for the custody charges benefit benefit paid by bailor of. Bailor of© CA Shivangi Agrawal Bailee.  Duties of Bailor Liable ( material to disclose known , faults Duty disclose Gratuitous risky 1 to on in faults ( see ) Non - Liable to goods 150 gratuitous disclose all if disclosed Not known faults or not for damages Bailor for - liable loss. Bailon liable 2 Ordinary Gratuitous Duty to ( Bailor) to expenses pay reimburse Non Bailee liable ordinary - expenses Csec 158 ) centra gratuitous to pay expenses Bailor liable Gratuitous to or bailee Non - pay , may gratuitous recover if paid If Bailon does He must compensate 3 goods lent premature bailee for lossy gratuitously termination damage. ¢ If defective title Bailee sustains loss Duty to indemnify of goods some bailee Duty 5 Termination goods to receive back on Duties of Bailee of goods for take reasonable care Not liable less o. not / loss if negligent by unavoidable reasons does Not to make inconsistent Iunauthonised use. If , bailment → voidable AND at option of bailor Bailee liable for all loss igoodsmined to Nyt mise without consent If mined with If y n 's consent Bailor separable Not separable k k k pay for Parties to have Bailee to Bailee to proportionate expenses and compensate for interest loss loss © CA Shivangi Agrawal  goods expiry of Bailee must return on time on when purpose accomplished t, if Not t, Goods at risk of bailee Bailee liable for any loss 1dam age even if Negligence without to bailor accretion to Bailee goods must return bailed any bailor had allege to that right Bailee has no no bail goods to the authority. Rights of Bailor To does act if terminate bailment bailee inconsistent with Terms. any Demand goods back if lent gratuitously for specific bailor shall indemnify if any but period loss. 3rd Right to sue party who does any damage or deprives from using goods. right to sue bailee to enforce his duties. Right to claim damages from unauthorised use of goods goods accretion to damages from mining of goods. Rights of Bailee goods the returned get. indemnification of defective of goods To claim in case title To receive compensation in case