Title Notes of Contract - 2025.pdf ✅

1 | Page FREE OF COST For getting the Answers/Notes and others queries may contact with.... SK IRFAN HABIB UTSAV DAS (91) 6295695267 (91) 8910310416 G E N E R A L P R I N C I P L E O F C O N T R A C T 1)Define contract, essentials of a valid contract, different methods by which a proposal can be revoked, and provision for communication of offer. Contract: A contract is a legally binding agreement between two or more parties that is enforceable by law. It involves an offer, acceptance of the offer, consideration (something of value), the intention to create legal relations, and mutual consent. A contract can be either written or verbal, though written contracts are generally preferred for clarity and evidence. Essentials of a Valid Contract: To form a valid contract, the following elements must be present: 1.Offer: One party must make a clear, definite, and unequivocal offer to another party. 2.Acceptance: The offer must be accepted by the offeree in the exact manner specified by the offeror or, if no method is specified, in a reasonable manner. 3.Consideration: There must be something of value (money, goods, services, etc.) exchanged between the parties involved. Both parties must give and receive something of value.
2 | Page FREE OF COST For getting the Answers/Notes and others queries may contact with.... SK IRFAN HABIB UTSAV DAS (91) 6295695267 (91) 8910310416 4.Capacity to Contract: The parties must have the legal ability to enter into a contract, meaning they must be of legal age and sound mind. Minors, persons of unsound mind, and others in certain categories are typically not legally able to contract. 5.Consent: The consent of both parties must be free and not obtained through coercion, undue influence, misrepresentation, or mistake. 6.Legality of Object: The subject matter of the contract must be lawful. A contract involving illegal activities is void. 7.Possibility of Performance: The terms of the contract must be such that they can be performed. 8.Formalities: Some contracts (e.g., those involving real estate) must be in writing to be valid, depending on the jurisdiction. Methods by Which a Proposal Can Be Revoked: A proposal (offer) can be revoked in several ways: 1.Revocation by Offeror: The offeror can revoke the offer at any time before it has been accepted. However, this revocation must be communicated to the offeree. 2.Lapse of Time: If a specific time frame for acceptance is mentioned in the offer, the offer expires after that period. If no time frame is mentioned, the offer typically lapses after a reasonable period. 3.Rejection by Offeree: If the offeree rejects the offer, it can no longer be accepted, effectively revoking the proposal.
3 | Page FREE OF COST For getting the Answers/Notes and others queries may contact with.... SK IRFAN HABIB UTSAV DAS (91) 6295695267 (91) 8910310416 4.Counter-Offer: When the offeree makes a counter- offer, the original offer is automatically revoked, and the counter-offer becomes the new proposal. 5.Death or Insanity of Offeror/Offeree: If either party to the contract dies or becomes legally insane before the offer is accepted, the offer is revoked. 6.Failure of a Condition Precedent: If the offer is subject to a condition precedent (e.g., a specific event), the offer can be revoked if the condition is not met. Provision for Communication of Offer: For an offer to be valid and legally binding, it must be communicated to the offeree. The key points regarding communication of an offer are: 1.Communication: An offer is effective only when it is communicated to the offeree. If the offeree does not know about the offer, they cannot accept it. 2.Mode of Communication: The offer can be communicated in any manner (verbally, in writing, or via electronic communication), unless the offer specifies a particular method of communication. 3.Time of Communication: The offeror’s communication is considered effective when it reaches the offeree. For example, if the offer is communicated via post, it is considered effective when the offeree receives it, not when it is sent. 4.Silence Does Not Constitute Acceptance: Merely receiving an offer does not imply acceptance. Silence or inaction cannot be considered acceptance unless previously agreed upon by the parties or in
4 | Page FREE OF COST For getting the Answers/Notes and others queries may contact with.... SK IRFAN HABIB UTSAV DAS (91) 6295695267 (91) 8910310416 cases where the offeree has an established obligation to respond. 2)Define communication, when a communication of acceptance is said to be complete – Communication: Communication in the context of contracts refers to the process of conveying an offer, acceptance, or revocation of an offer between parties. It involves delivering information in such a way that the recipient understands the message and can act upon it. In contract law, communication is essential for the formation, modification, or termination of agreements. When is Communication of Acceptance Complete? i. As Against the Proposer (Offeror): The communication of acceptance is complete as against the proposer (offeror) when the acceptance is communicated to the offeror. Generally, this means that the acceptance is effective once it is received by the offeror, or in cases where the offeror specifies the method of acceptance, once it is sent by the offeree using that method. Illustration:  A makes an offer to B by posting a letter. B sends an acceptance by post. The acceptance is complete as against A when B's letter of acceptance is