Professional Documents
Culture Documents
Contract & Agreement-1
Contract & Agreement-1
• Lawful consideration
• Essentials of a valid contract:
• Free consent
• Lawful object
• Certainty of terms
• Possibility of performance
• Completed gift
• Contribution to charity
• Competency of parties to a contract:
• Sec.10 states:
and
Alien enemies
Foreign sovereigns
Convicts
Insolvent
" It is
• a) Committing or threatening to commit, any
act forbidden by Indian Penal Code, or
• Effect of Coercion:
= Misrepresentation
Mistake of law
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• Mistake of Law Mistake of law
of the country of foreign country
Mistake of Fact
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Bilateral Unilateral
Mistake Mistake
Mistake of law of one's own country is no excuse.
Bilateral mistake =
•
• Unilateral Mistake :
o by supervening impossibility
o by lapse of time
o by operation of law
o by breach of contract
Essentials of a valid tender:
Ø It must be unconditional
• Novation
• Alteration
• Rescission
• Remission
• Waiver
Cases where doctrine of supervening
impossibility applies---
• Change of law
• Outbreak of war
Discharge by operation of law –
• Actual
• Anticipatory
Remedies for Breach of contract:
impossible to supervise
contract ultra-vires
Remedies for Breach of contract:
• Nominal damages
• Liquidated
• Penalty
• Quasi Contracts:
Rights of Indemnifier:
Right of Subrogation
Three parties
Oral or Written