Effect Of Fraud on contract

   As per Section 17 in The Indian Contract Act, 1872 17. ‘Fraud’ defined.—‘Fraud’ means and includes any of the following acts committed by a party to a contract, or with his connivance, or by his agent1, with intent to deceive another party thereto or his agent, or to induce him to enter into the …

Kinds of Contracts

There are basically 5 types of Contracts Valid contract Void Contract Voidable Contract Unenforcable Contract Illegal Contract Valid Contract :                                                                        …

Essentials Of A Valid Contract

The essentials of a valid  contract are Two Parties Consensus- ad - idem Capacity to Contract Free Consent Lawful Consideration  Legal Relationship Lawful object Terms must be certain  and Possibility of Performance Two Parties: To Constitute a contract there must be an offer and acceptance. The person who offers or makes an offer is called …

What is a contract

(h) An agreement enforceable by law is a contract; Thus for the formation of a contract, there must be- i) An agreement and ii) The agreement should be enforceable by law. Agreement= Offer+acceptance Contract = Agreement+ enforceability

What is a void agreement

As per section 2(g) of indian contract act An agreement not enforceable by law is said to be void;

What is a recirpocal promise

Section 2(f) Promises which form the consideration or part of the consideration for each other, are called reciprocal promises;

What is an agreement

Section 2(e)  Every promise and every set of promises, forming the consideration for each other, is an agreement;

What is consideration for promise

Section 2(d): When, at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or to abstain from doing, something, such act or abstinence or promise is called a consideration for the promise;

Who is a Promisee and a Promisor

The person making the proposal is called the “promisor”, and the person accepting the proposal is called the “promisee”;

What is a promise

When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted, becomes a promise;