Law of Contract Simple Notes
Meaning of Contract
A contract is a legally enforceable agreement between two or more persons.
According to Indian Contract Act, 1872:
A contract is an agreement enforceable by law.
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Essential Elements of a Valid Contract
1. Offer and Acceptance
One party makes an offer, the other accepts it.
2. Free Consent
Consent must not be caused by coercion, fraud, or mistake.
3. Lawful Consideration
Something of value must be exchanged.
4. Capacity of Parties
Parties must be competent (major, sound mind).
5. Lawful Object
The purpose must be legal.
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Types of Contracts
Valid Contract Legally enforceable
Void Contract Not enforceable
Voidable Contract Enforceable at one partys option
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Important Concepts
Consideration: Price for a promise
Consensus ad idem: Meeting of minds
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Conclusion
Contract law ensures
promises are honored and protects parties in legal agreements.
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