Business Law - The Indian Contract Act, 1872 Download For Free
What you’ll learn
Unit 1 : Nature of Contracts
Unit 2 : Consideration
Unit 3 : Other Essential Elements of a Contract
Unit 4 : Performance of Contract
Unit 5 : Breach of Contract and its Remedies
Unit 6 : Contingent and Quasi Contracts
Requirements
- No prior knowledge is required for taking this course.
Description
After studying this unit, you would be able to understand
UNIT -1 NATURE OF CONTRACT
♦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.
UNIT-2: CONSIDERATION
♦ Understand the concept of consideration, its importance for a contract and its double aspect.
♦ Clearly understand how consideration may move from a third party and how this makes the contract valid.
♦ Learn about the peculiar circumstances when a contract is valid even without consideration.
♦ Be aware of the rule ‘A stranger to a contract cannot sue’ and exceptions thereof.
UNIT-3: OTHER ESSENTIAL ELEMENTS OF A CONTRACT
♦ Note the various ingredients of incapacity to contract.
♦ Be clear about the legal consequence of contracting with a minor.
♦ Be familiar with the concept of ‘consensus ad idem’ i.e. parties agreeing upon the same thing in the same sense.
♦ Try to grasp the characteristics of different elements vitiating free consent and particularly to distinguish amongst fraud, misrepresentation and mistake.
♦ Understand the circumstances when object and consideration become unlawful.
♦ Be aware of the agreements opposed to public policy.
UNIT – 4: PERFORMANCE OF CONTRACT
♦ Understand how obligations under a contract must be carried out by the parties.
♦ Be familiar with the various modes of performance.
♦ Be clear about the consequence of refusal of performance or refusal to accept performance, by either of the parties.
♦ Understand rights of joint promisees, liabilities of joint promisors, and rules regarding appropriation of payments.
UNIT – 5: BREACH OF CONTRACT AND ITS REMEDIES
♦ Understand the concept of breach of contract and various modes thereof.
♦ Be clear about how the damages are to be measured.
UNIT – 6: CONTINGENT AND QUASI CONTRACTS
♦ Have clarity about the basic characteristics of ‘Contingent contract’ and ‘Quasicontract’ so that you are able to distinguish between a contract of any of these types and a simple contract.
♦ Be familiar with the rules relating to enforcement of these in order to gain an understanding of rights and obligations of the parties to the contract.
Who this course is for:
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
