1. Introduction Name : Zahid mehraj Section:Q3208 PRASENTATION:
NATURE OF CONTRACT ROLL NO: Q3208A28
2. CONTRACT: A contract is an agreement made between two or
more parties which the law will enforce. There should be consensus
ad idem. CONTRACT=AGREEMENT + ENFORCEABILITY AT LAW
3. CONTRACT VALID CONTRACT INVALID CONTRACT
4. VALID CONTRACT: 1.Offer and acceptance. 2.Free consent.
3.Lawful object and agreement. 4.Agreement not declared illegal.
5.Lawful consideration. 6.Certianty or possibility of the
performance. 7.Above 18. 8.Sound mind. 9.Not convicted to
crime.
5. INVALID CONTRACT: 1.No offer and acceptance. 2.No free
consent. 3.No lawful object and agreement. 4.Agreement declared
illegal. 5.No lawful consideration. 6.No certainty or possibility
of the performance. 7.Under 18. 8.Disorderd person{unsound mind}.
9.Convicted to crime.
6. NATURE OF THE LAW OF CONTRACT: 1.Does not lay down number of
rights and duties, which law will enforce. 2.Creating rights and
duties for themselves which the law will uphold. 3.Should not
infringe some legal prohibition. 4.Should be enforceable by
law.
7. ESSENTIALS OF CONTRACT: 1.There must be an agreement . 2.The
parties must intend to create legal relationship. 3.The parties
must be capable of entering into an agreement as regards age and
understanding. 4.The agreement must be supported by consideration
on both sides. 5.The consent of the parties must be free and
genuine.
8. qCLASSIFICATION OF CONTRACT: VOID CONTRACT: A contract which
ceases to be enforceable by law. VOIDABLE CONTRACT: A contract
which is enforceable by law at the option of one party thereto, but
not at the option of the other. EXPRESS CONTRACT: A contract in
which the terms are stated in words {written or spoken} by the
parties.
9. IMPLIED CONTRACT: A contract which is inferred from the
circumstances of the case or from the conduct of the parties. QUASI
CONTRACT: An obligation created by law, regardless of agreement.
EXECUTED CONTRACT: A contract which is wholly performed by both the
parties.
10. EXECUTORY CONTRACT: A contract in which the promises of
both the parties have yet to be performed. UNILATERAL CONTRACT: A
contract in which only one party has yet to perform his obligation
. BILATERAL CONTRACT: A contract in which both the parties have yet
to per form