INDIAN CONTRACT ACT INTROduction


WHAT IS A CONTRACT ?
Defined under section 2(H)of Indian Contract Act, 1872.
An agreement enforceable by law is a contract.
To understand contract we need to understand two things:-
What is an Agreement ?
How a contract becomes enforceable ?

IMPORTANT CONCEPTS

• Proposal or Offer ( Section 2(A) )
• Acceptance ( Section 2(B) )
• Promise ( Section 2(C) )
• Consideration ( Section 2(D) )
• Agreement ( Section 2(E) )
These concepts help us to understand the formation of contract.

PROPOSAL (OR) OFFER
• Initial point of a contract.
As per sec -2(A)
When a person signifies to another his willingness to do or abstain from doing something, with a view to obtain his assent, he is said to make a proposal.

Acceptance
As per sec 2(B)
When the person to whom the proposal is made, signifies his assent thereto, the proposal is said to be accepted.
Proposal + Acceptance = Promise
According to Section 2(B),
A Proposal when accepted becomes a promise.

Consideration
According to Section 2(D),
When, at the desire of the promisor, the promise 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 act or abstinence is called a consideration for the promise.
Promise + Consideration = Agreement

Agreement
According to section 2(E),
Every promise and every set of promises forming consideration for each other is called an Agreement.
Agreement + Enforceability = Contract

Synopsis

Proposal + Acceptance = Promise
Promise + Consideration = Agreement
Agreement + Enforceability = Contract

Aishwarya Says:

I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.

If you are interested in participating in the same, do let me know.

Do follow me on FacebookTwitter  Youtube and Instagram.

The copyright of this Article belongs exclusively to Ms. Aishwarya Sandeep. Reproduction of the same, without permission will amount to Copyright Infringement. Appropriate Legal Action under the Indian Laws will be taken.

If you would also like to contribute to my website, then do share your articles or poems at adv.aishwaryasandeep@gmail.com

We also have a Facebook Group Restarter Moms for Mothers or Women who would like to rejoin their careers post a career break or women who are enterpreneurs.





Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.