Articles under Contract Act 1872

Fraud is one of the grounds that can make a contract voidable or void under the Indian Contract Act, 1872. But what exactly is fraud and how is it different from other types of misrepresentation or deception? Today, we will explore the definition of fraud, elements and consequences of fraud as per section 17 of the Indian Contract Act, 1872. Let's study fraud as per section 17 of Indian Contract Act 1872.

Undue influence is a concept that deals with the validity of consent in a contract. Section 16 of the Indian Contract Act, 1872 defines it as "A contract is said to be induced by 'undue influence' where the relations subsisting between the parties are such that one of the parties is in a position to dominate the will of the other and uses that position to obtain an unfair advantage over the other."

Coercion affects the validity and enforceability of contracts. It violates the principle of free will and autonomy of contracting parties. It also undermines the trust and confidence that are essential for fair and lawful transactions. Therefore, it is important to be aware of the meaning and consequences of coercion and to avoid entering into contracts under coercion.

There is no contract without consent. Consent may be free or not free. But only free consent produces a valid contract. Free consent is important because it ensures that the parties enter into a contract voluntarily and willingly, without any pressure or deception. A contract based on free consent reflects the true intention and agreement of the parties.

One of the essential elements of a valid contract is that the parties entering into it must have the legal capacity or competency to do so. The Indian Contract Act 1872 defines the competency of parties in Section 11 as Every person is competent to contract who is of the age of majority according to the law to which he is subject, and who is of sound mind, and is not disqualified from contracting by any law to which he is subject.

Different Types of Contract Under Indian Contract Act 1872. The Indian Contract Act 1872 is the main law that governs contracts in India. It defines a contract as an agreement enforceable by law. Not all agreements are contracts, only those that create legal obligations between the parties are contracts. The Act also classifies contracts into different types based on their validity, formation, performance, and nature. Here are some of the common types of contracts under the Indian Contract Act 1872.

Consideration is one of the essential elements of a valid contract under the Indian Contract Act, 1872. It refers to the benefit or interest that one party receives or expects to receive from another party in exchange for a promise or an act. Consideration can be in the form of money, goods, services, forbearance, or anything else that has some value in the eyes of the law. Consideration is one of the essential elements of a valid contract under the Indian Contract Act, 1872.

The Indian Contract Act, 1872 is one of the oldest laws in India that governs the formation and enforcement of contracts. A contract is an agreement between two or more parties that creates legal obligations and rights. For a contract to be valid and enforceable, it must have certain essential elements. These elements are:

Some point listing for revision on Offer and Acceptance as per Indian Contract Act 1872

Offer and Acceptance under Indian Contract Act, 1872: One of the essential elements of a valid contract is the mutual consent of the parties to enter into a legal obligation. This consent is expressed by the process of offer and acceptance. According to section 2(a) of the Indian Contract Act, 1872, an offer is "when one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence". Similarly, section 2(b) defines acceptance as "when the person to whom the proposal is made signifies his assent thereto."