Embed Size (px)
Citation preview
BY
SUBBU PULLELA
WELCOME TO
THE WORLD OF COMMERCE
A BRIEF INTRODUCTION TO
INDIAN CONTRACT ACT, 1872.
{The act come in force on 01-09-1872}
SUBBU PULLELA
In general sense the term contract means, any agreement between any two persons.
Section 2(h) of the Act defines the term contract as
“An agreement enforceable by court of law”.
CONTRACT = AGREEMENT + ENFORCEABILITY
PARTIES TO A CONTRACT
PROMISOR or PROPOSER PROMISEE or PROPOSEE or OFFERER or ACCEPTEE or OFFEREE or ACCEPTOR
SUBBU PULLELA
SUBBU PULLELA
Section 2(e) of the Act defines the term agreement as
“Every promise and set of promises, forming the
consideration to each other”.
AGREEMENT = PROMISE + CONSIDERATION
Section 2(b) of the Act defines the term promise as
“When the person to whom the proposal is made
signifies his assent thereto, the proposal is said to be
accepted. proposal when accepted, becomes apromise”.
PROMISE = OFFER + ACCEPTANCESUBBU
PULLELA
Section 2(a) of the Act defines the term offer as
“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, he is said to make a proposal (offer)”.
SUBBU PULLELA
Section 2(b) of the Act defines the term acceptance as
“A proposal or offer is said to have been accepted
when the person to whom the proposal is made
signifies his assent to the proposal to do
or not to do something”.
SUBBU PULLELA
Section 2(d) of the Act defines the term consideration as
“When at the desire of the promisor, the promisee
or any other person has done or abstained from doing,
or does or abstains from doing or promises to do
or abstain from doing something, such an act
or abstinence or promise is called consideration
for the promise”.
Quid Pro Quo - Something In ReturnSUBBU PULLELA
RIGHTS:
Jus In Personam - Right Against A Specific PersonJus In Rem - Right Against the Whole World
Every contract creates Jus In Personam
SUBBU PULLELA
SUBBU PULLELA
SUBBU PULLELA
FOR ANY ASSISTANCE MAIL US ON
You can follow us on
www.facebook.com/TheWorldofCommerce
