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Essential Elements of a Contract
By Bharat Galani MeraSkill.com Š MeraSkill
Contract Coverage Nature of Contract Consideration Other Essential elements of a valid contract Performance of Contract Breach of Contract Contingent & Quasi Contract
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Essential Elements of a Contract
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Index Essentials of Contract Intention to create Legal relationship Lawful object and consideration Capacity to contract Free consent Agreement Expressly declared void
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What is contract? CONTRACT
4
5 ENFORCEABLE BY LAW
AGREEMENT
Intention to create legal relationship 3 SET OF PROMISES
CONSIDERATION
Lawful consideration & lawful object Capacity to Contract
2
ACCEPTANCE
Free Consent Agreement not declared void or illegal Certainty of meaning
1
OFFER/PROPOSAL
Possibility of performance of an agreement Necessary Legal formalities
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Intention to create legal relationship No intention to create legal relations - Social & Family Inviting friends for social function Asking Mom to clean bedroom Intention to create legal relationship - Business Taking House on Rent Selling Goods
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What is contract? CONTRACT
4
5 ENFORCEABLE BY LAW
AGREEMENT
Intention to create legal relationship 3 SET OF PROMISES
CONSIDERATION
Lawful consideration & lawful object Capacity to Contract
2
ACCEPTANCE
Free Consent Agreement not declared void or illegal Certainty of meaning
1
OFFER/PROPOSAL
Possibility of performance of an agreement Necessary Legal formalities
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Lawful Object and Consideration
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Unlawful Object Purpose of the agreement If Unlawful - Void Examples 1. A, B and C enter into an agreement for the division among them of gains acquired or to be acquired, by them by fraud
2. A takes a house from B on rent. It is lawful. However, if A wants to store illegal arms in the house, the agreement is unlawful due to unlawful object.
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Unlawful Consideration Method/Nature of exchange If Unlawful - Void
If partly unlawful - To check if the unlawful part can be separated
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Unlawful Consideration & Object 1. Immoral: Rent to Prostitute, Divorce 2. Injury to Person or Property: Beat, Printing copyrighted material, Manual labour 3. Provision of Law is Defeated: Not informing about Murder 4. Fraudulent / Cheating: Sell bogus plots of land 5. Forbidden by law: Smuggled goods, MRP 6. Defeat’s rule in force: Conceal Income 7. Agreement Opposed to Public Policy Italy Is Popular For Fresh Round Pizza
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