CONTENTS

Pages
BHUSHAN KUMAR GOYAL

1. INTRODUCTION 1—3
Definition and Object of Law; Definition and Scope of
Mercantile or Business law; Needs for its Study; Sources of
Indian Mercantile or Business Law; Meaning of “Plaintiff” and
“Defendant”, etc.

THE INDIAN CONTRACT ACT, 1872

2. NATURE AND KINDS OF CONTRACTS 4—18

Definition of Contract; Essential Elements of a Valid contract;
Classification of Contracts on the basis of Mode of Formation;
Classification of Contracts on the basis of Enforceability;
Classification of Contracts on the basis of Extent of
performance; Classification of Contracts on the basis of
Obligation Outstanding at the time of formation of contract;
Distinction between Agreement and Contract; Distinction
between Void Agreement and Voidable Contract; Distinction
between Void Agreement and Illegal Agreement; Distinction
between Void Agreement and Void Contract.

3. OFFER AND ACCEPTANCE 19—44

Legal Rules for a Valid Offer; Distinction between Offer and
Invitation to Offer; Distinction between General Offer and
Specific Offer; Distinction between Cross Offer and Counter
Offer; Communication of Special Terms or Standard Form
Contracts; Legal Rules for a Valid Acceptance; Communication
of Offer and Acceptance; Contracts through Telephone or Telex;
Communication of Revocation; Revocation and Lapse of Offer;
Revocation of Acceptance; Comment on Certain Statements.

4. CONSIDERATION 45—58
Definition of Consideration; Legal Rules as to Consideration;
Exceptions to the rule, “No Consideration, No Contract”.;
Privity of Contract; Exceptions to the Rule of Privity of
Contract.

5. CAPACITY OF PARTIES 59—71

Nature of Minor’s Agreements; Persons of Unsound Mind;
Other persons Disqualified from Contracting.