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I am missing my contract law classes and professor today so here is a basic thread on Indian Contract Act, 1872:
(Fellow law students and lawyers please add more basic info about this so that it helps someone who may need it)
(Fellow law students and lawyers please add more basic info about this so that it helps someone who may need it)
What is a contract? A legally enforceable agreement. To explain all this I& #39;ll have to tell you some basic definitions which will kinda make you understand what will really comprise a contract. ( Section 2 has all such definitions, read up)
Beginning which s. 2(a) definition of a proposal: when you or the other party signifies the willingness to do or abstain from doing anything ( this works for past, present and future tense) with a view to obtain the assent of the other person, it& #39;s calling making a proposal.
S. 2(b) defines what a promise is which basically means that the person who you signified your willingness to, gives assent for the same, the proposal is said to be accepted which means that now it& #39;s a promise.
Now an important element of every contract is consideration [S. 2(d)] which means there is something on the basis of which this interaction is happening. Ex: if you buy a pen for 10 rs, the consideration for you is the pen and for the shopkeeper it& #39;s the money.
In legal terms, when you do or abstain from doing something ( in any or all of the tenses; past, present & future) then that act or abstinence or promise is called consideration for that promise ( the deal that you& #39;re having).
When there& #39;s promises on both sides which form consideration for each other, it forms an agreement. [S. 2(e)] All agreements are not contracts but all contracts are agreements. Wondering why?
Well this is because an agreement which becomes legally enforceable turns into a contract but if it& #39;s not legally enforceable like my brother saying he& #39;ll buy me a dress for rakhi, then it& #39;s just a social agreement or at least a non-legally binding/enforceable agreement.
This makes you think that small daily activities that you do are actually contracts without you realising?! How cool is that?! You buying vegetables or you taking an auto, all of these basic activities can be or are contracts.
However, if an agreement is unenforceable by law then it& #39;s void. Similarly if due to some conditions a contract becomes unenforceable by law then it becomes void. Empty. Nil.
So I made this basic formula while studying contract law which may help you understand better:
Proposal/offer+ acceptance= promise
Promise + promise= agreement
Agreement+ legally enforceable= contract.
Proposal/offer+ acceptance= promise
Promise + promise= agreement
Agreement+ legally enforceable= contract.
If you have some doubts drop them below and if you want to contribute to this thread or give some fun facts then drop them too. Thank you for reading I hope it helped, I tried to talk as simply as I could and I can explain in hindi if you want so hmu.
And if you think that I didn& #39;t get into details well that& #39;s because it had to be a basic informative thread and not confuse people who have no legal understanding so if you wanna discuss details hmu or comment.
If this gets enough attention I& #39;ll drop more such basic law threads.
