Business law notes of module 1 (sem 2) • 1. Business law Unit -1 1. Windows 95 Img Dosbox Win. Brief explain about History of Indian Contract Act 1872?

The Indian Contract Act 1872: The law relating to contracts in India is contained in the Indian contract act 1872. The act came into force with effect from September 1st 1872.

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It is applicable to the whole of India expect the state of Jammu & Kashmir. The act as enacted originally had 266 sec dividend. What is the term contract? What are the essential of a valid contract?

Contract defined:- An agreement between two or more persons which is intendeds to be enforceable at laws and is constituted by the acceptance by one party of an offer made to him by the other party to do or to abstain from doing some act. Essential elements of valid contract:- All agreement are contracts if they are made by the free consent of the parties competent to contract, for a lawful consideration and with a lawful object and are not expressly declared to be void. They are Valid contract 1. Offer & acceptance 2.

Intention to create legal relationship 3. Lawful consideration 4. Capacity of parties 5. Free consent 6.

Lawful object 7. Certainty of meaning 8.

Possibility of preference 9. Not declared to be void • 10.Legal formalities. Offer & acceptance: In order to create a valid contract, there must be a lawful offer by one party and lawful acceptance of the same by the same by the other party. The adjective lawful means offer and its acceptance must confirm to the rules laid down in the Indian contract act regarding valid offer and acceptance and its communication. Intention to create legal relationship: In case, there is no such intention on the part of parties, there is no contract. Agreements of social or domestic nature do not contemplate legal relations.