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Basics of Contracts

Basics of Contracts

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Published by Mihir Karlekar

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Published by: Mihir Karlekar on Sep 03, 2012
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02/17/2015

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Basics of Contracts

By Mihir Karlekar
Basic requirements: 1. 'Consideration' should be present. 2. The consent should be free, i.e. no compulsion. 3. The object should be lawful. 4. The agreement should not be declared at VOID. 5. The parties must be competent to contract.

 Agreement = Offer + Acceptance  Every Agreement is not a Contract.  AGREEMENT ENFORCEABLE IN LAW IS CONTRACT.  All contracts are agreement but all agreements are not contracts

Offer <=> Agreement <=> Proposal<=> Agreement+ Ingredients of contract <=> contract      Acceptance must be made before the offer lapses Acceptor must convey acceptance to Offeror only. Convey of acceptance should be through prescribed format if mentioned If a general offer made in newspaper, can be revoked by same media Condition precedent if measured if crucial for offer to translate into agreement and then if so into contract

Termination/Lapse of Offer
o o o o o o The offer lapses after stipulated or reasonable time Death or insanity of the offeror or the offeree Rejected by offeree Revoked by Offeror Not being accepted in the specified mode or reasonable manner. Counter offer

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