CPT  NOTES

MERCANTILE  LAW 

INDIAN CONTRACT ACT 

• Its comes into existence on 1st September 1872.
• passed by Parliament
• Applicable to whole India except Jammu and Kashmir.

• OFFER (when accepted) become PROMISE (when provide consideration) become AGREEMENT (when enforceable by law) become CONTRACT

• TYPES OF CONTRACT-

1. valid contract-legally perfect contract.
2. void contract- it is not enforceable by law.
3. voidable contract-the contract become void by the option of defective party
4. wagering contract-it is an agreement involving payment a sum of money upon the determination of uncertain events.
5. contingent contract-contract is depends upon the happening and non happening of another event
6. quasi contract-it is not an actual contract but it resembles to a contract.it is one sided contract.
7. expressed contract-contract that is expressed in written or oral
8. implied contract-contract that not need to express.it is implied to follow.
9. unenforceable contract-contract which is valid itself but is not capable of enforcibility of law because of some technical defects.
10. tacit contract-contract in which one person make contract with another indirectly through machines of another unspoken way
11. executed contract-when both parties to the contract have completely performed their share of obligation is called executed contract
12. executory contract-in this both the obligations are remain outstanding
13. unilateral contract-when one party's obligation is remain outstanding.

• ESSENTIAL ELEMENTS OFA VALID CONTRACT

1. Proper offer and acceptance.
2. lawful consideration
3. capacity of parties
4. free consents
5. lawful objects
6. possibilities of performance 
7. not declare void
8. necessary legal formalities.