Wednesday, 25 March 2020

Laws of the Contract


Laws of the Contract

Law is defined as a rule of conduct of persons, imposed upon and enforced among the
members of a given state. Ignorance of law is no excuse.
A contract is an agreement enforceable by law.
All agreements are not contracts, but all contracts are agreements.
All agreements are contracts, if they are made by free consent of parties, competent to
contract, for a lawful consideration, and with a lawful object, and are not expressly declared
by law to be void.
Contracts may be classified in terms by their (a) validity or enforceability (b) mode of
formation and (c) performance.
Offer or proposal is the basic building block of a contract. It is made with a view to
obtaining the assent of the offeree.
When the person to whom the offer is made signifies his assent thereto, the offer is said to
be accepted.
It is necessary to communicate offer to the offeree and the acceptance to the offeror.
A contract with a minor is void as he is not competent to contract.
Consideration is what a promisor demands as the price for his promise.

Consideration: 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 to abstain from
doing, something, such actor abstinence or promise is called consideration for the promise.
Express Contract: It is that contract the terms of which are expressly agreed upon (whether by
words spoken or written) at the time of its formation.
General Offer: It is that offer which is made to the public at large.
Implied Contract: It is that contract which is inferred from the acts or conduct of the parties or
the course of dealing between them.
Ownership: It is described as a bundle of rights in rem, having certain characteristics, namely the
right of unspecified duration, and use, and generally being inheritable and transferable.
Specific Offer: It is that offer which is made to a definite person or a group of persons.
Voidable Contract: It is that contract which may be repudiated at the will of one or more of the
parties, but not by others.

No comments:

Post a Comment