Business Law – Nature Of Contracts

Preparing for foundation / intermediate examinations of CA / CMA / CS / Business Exams (English and Hindi Languages)

What you’ll learn
The Law of contract: Introduction
What is Contract ?
Essentials of Valid Contract
Types of Contract
Offer/Proposal[Section 2(a) of the Indian Contract Act, 1872]
Acceptance
Communication of offer and Acceptance
Communication of Performance
Revocation of offer and Acceptance
Requirements
No prior knowledge is required for taking this course.
Description
Chapter 1: The Indian Contract Act, 1872UNIT -1 NATURE OF CONTRACTAfter studying this unit, you would be able to understand♦Understand the meaning of the terms ‘agreement’ and ‘contract’ and note the distinction between the two. ♦ Note the essential elements of a contract. ♦ Be clear about various types of contract. ♦ Understand the concept of offer and acceptance and rules of communication and revocation thereof.SUMMARYContract: A Contract is an agreement enforceable by law[Section 2(h)]. An agreement is enforceable by law, if it is made by the free consent of the parties who are competent to contract and the agreement is made with a lawful object and is for a lawful consideration, and is not hereby expressly declared to be void[Section10]. All contracts are agreements but all agreements are not contracts. Agreements lacking any of the above said characteristics are not contracts. A contract that ceases to be enforceable by law is called ‘void contract’,[Section 2(i)], but an agreement which is enforceable by law at the option of one party thereto, but not at the option of the other is called ‘voidable contract’[(Section 2(i)].Offer and Acceptance: Offeror undertakes to do or to abstain from doing a certain act if the offer is properly accepted by the offeree. Offer may be expressly made or may even be implied by the conduct of the offeror, but it must have intention and be capable of creating legal relations. The terms of offer must be certain or at least be capable of being made certain. Acceptance of offer must be absolute and unqualified and must be according to the prescribed or usual mode. If the offer has been made to a specific person, it must be accepted by that person only, but a general offer may be accepted by any person.Communication of offer and acceptance, and revocation thereof-(a) Communication of an offer is complete when it comes to the knowledge of the offeree. (b) Communication of an acceptance is complete: As against the offeror when it is put in the course of transmission to him and as against the acceptor, when it comes to the knowledge of the offeror. (c) Communication of revocation of an offer or acceptance is complete: It is complete as against the person making it, when it is put into a course of transmission so as to be out of power of the person making it and as against the person to whom it is made, when it comes to his knowledge.

Overview

Section 1: Nature of Contracts

Lecture 1 What is Contract Part – 1

Lecture 2 What is Contract Part – 2

Lecture 3 What is Contract Part – 3

Lecture 4 What is Contract Part – 4

Lecture 5 Essential of Valid Contract Part – 1

Lecture 6 Essential of Valid Contract Part – 2

Lecture 7 Essential of Valid Contract Part – 3

Lecture 8 Essential of Valid Contract Part – 4

Lecture 9 Essential of Valid Contract Part – 5

Lecture 10 Types of Contract (Based on Creation)

Lecture 11 Types of Contract (Based on Execution)

Lecture 12 Types of Contracts (Based on Enforceability 1)

Lecture 13 Types of Contracts (Based on Enforceability 2)

Lecture 14 Define Offer – 1

Lecture 15 Define Offer – 2

Lecture 16 Define Offer – 3

Lecture 17 Types of Offer – 1

Lecture 18 Types of Offer – 2

Lecture 19 Rules for a Valid Offer

Lecture 20 Define Acceptance

Lecture 21 Communication & Revocation Offer & Acceptance

Lecture 22 Rules for a Valid Acceptance – 1

Lecture 23 Rules for a Valid Acceptance – 2

CA Foundation Students,CA Inter Students,CMA Foundation Students,CMA Inter Students,CS Foundation Students,CS Executive Students,B Com / BBA Students,Business Law Students,Entrepreneurs,Advocates