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Submitted by: Nidhi Chauhan Rishi Shrivastava Kumari Kavita Jha Mehzabeen Jaipuriya Pragati Singh

1 To 10 (Essentials of Valid Contract) • Free Consent . Indian Contract Act.Sections 13 To 22 • Termination Of Contract • Remedies For Breach Of Contract  Contract Of Agency: • Duties And Responsibilities Of Principal & Agent . 1872 : • Sections .

Meaning Of Contract  An agreement enforceable by law [Sec 2(h)] An agreement creating & defining obligation between the parties  .

Essential Requirements of A Contract           Two Parties (Must Be Competent) An Agreement Legal Relationship Free Consent Lawful Consideration Legal Or Lawful Object Agreement Not Expressly Declared Void By Law Compliance With Legal Formalities Certainty Of Performance Possibility Of Performance .

Free Consent  Sec(13) “ Two or more persons are said to consent when they agree upon the same thing in the same sense Sec(14) defines “Free Consent” as:  Coercion (Sec 15)  Undue Influence (Sec 16)  Fraud (Sec 17)  Misrepresentation (Sec 18)  Mistake (Sec 20. 21 & 22)  .

Discharge Of Contract By Performance  By Legal Tender  By Attempted Performance  By Breach  .

Remedies for Breach of A Contract Recession Of The Contract  Suit For The Damages  Quantum Merit  Suit for Specific Performance  Suit For Injunction  .

Contract Of Agency Agent (Sec 182) : a person employed to do any act for another. E.g.  Principal: a person who appoints an agent so that the agent can act from his behalf or can represent him. or to represent another in dealings with third persons.  .  Agency : The legal relationship between a principal and his agent.

skill & diligence  To render accounts properly to his principal  Not to delegate his authority  .Duties And Responsibilities Of An Agent To His Principal To conduct principal’s business according to his instructions or directions  Duty on the termination of agency by his principal’s death or insanity  To conduct or carry on the work with reasonable care.

Continue… To communicate with principal in cases of difficulty  Not to deal on his own account in the business of agency  Not to earn or make secret profit from agency business  Not to use the information obtained in the course of the agency business against his principal  To pay sum received for the principal  To set up an advance adverse title  .

Continue… Duty in naming an agent for his principal  Liability in respect of damages and misconduct  Personal liability where fixed by trade custom or usage  When an agent agrees expressly to be liable  Liability for his wrongful acts  Liability for the acts of sub-agents  .

Duties And Responsibilities Of Principal To His Agent Duty to pay remuneration and dues to his agent  Duty to indemnify his agent against the consequences of all legal or lawful acts  Duty towards his agent to indemnify him against the consequences of all acts done in good faith  Duty to compensate his agent for injury caused  .

Continue… Liability in respect of contracts entered by his agent with third parties  Liability when the notice is properly given to his agent  Liability when he induces third parties or persons to believe that his agents unauthorized acts were authorized  Liability on account of agent’s misrepresentation or fraud  .