Essay on Blaw Module 1

11672 Words Mar 11th, 2011 47 Pages

➢ Essential elements of a valid contract. ➢ Essentials of a valid offer. ➢ Essentials of valid consideration. ➢ Stranger to consideration. ➢ “No consideration- No contract” – explain and give exceptions. ➢ Discuss the provisions of law relating to contract by minor. ➢ Agreements Opposed To Public Policy. ➢ Free consent. ➢ Legality of object and consideration


1. “All contracts are agreements but an agreement are not contracts” – Discuss? (OR) Essential elements of valid contract?

Ans. Indian contract Act (I A), 1872, sec 2 defines a contract us “an agreement enforceable
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Point Decided is – A husband promised to pay his wife a household allowance of £30 every month. Later the parties separated and the husband failed to pay the amount. The wife sued for the allowance.Held, agreements such as these were outside the realm of contract altogether.
“ All contracts are agreements but all agreements are not contr4act only those we agreements which result in legal obligations can become valid contracts An agreement to become a valid contract, it must fulfill to essential elements of a valid contract according to sec 10 of ICA, 1872.

Essential Elements of a Valid Contract: • Offer and acceptance • Legal relationship • Consensus – ad-idem • Free consent. • Capacity or competency of parties • Lawful object • Lawful consideration • Certainty and possibility of performance • Agreements not declared to be void • Legal formalities

1. Offer and Acceptance; In order to create a valid contract, there must be an agreement between tow parties. An agreement involves a valid offer by one party and valid acceptance of the same by the other party.
The most important aspect of a valid proposal is that it should be voluntary. It should not be an answer to a question or a replay to an enquiry and it should be communicated.
The most important aspect of a valid acceptance is that it should be given by the promise only but not by any

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