Nature of contract 

When I was studying in school, I loved to read the Indian acts and history of India . History was my favourite and I was very good at it . Today when I was working on a project for a  company I read about the Indian contract act 1876 and did you know I remember all the things my teacher told me about this act .

My teacher name was Mrs Pooja and she was very good in History . I was having very sweet behaviour with my lovable teacher . Schooling passed and everything left but the memories of my school never left me . If you are really interested in my article you can give me feedback ,thank you . So let’s start……

The Indian Contract Act 1876 

What is a contract, did you know ? 

An agreement which is enforced by law is called a contract .

 Agreement + legality = Contract 

Offer + Acceptable = Contract 

Both parties should agree to a contract .

” All the contract are agreement but all the agreement are not contract ” 

 Let us take an example of Party A and party B . Party A offers a house for 10000 to party B and party B accepts the proposal and wants to buy it , here a contract takes place between the two people . In our daily life we agree on a contract and start our business . 

Feature of Contract ( Section – 10 ) 

1 Offer and acceptance 

2 legal Relationship 

3 capacity of partner 

4 consideration 

5 Free consent 

6 Undue Influence 

7 Lawful Object 

8 Possibility Of Performance 

9 Certainty 

10 Legal formalities 

Types of Contracts 

 1 On The Basis of Creation 

 Express – Written agreement 

Implied – conduct of parties 

Quasi – No acceptance 

Tacit – Example Of ATM

E- contract 

2 On The Basis of Execution 

Executed Contract – Cash Sales 

Executory – Agreement to sell 

Partly executed – Credit Sales 

3 On The Basis Of Liability 

Bilateral 

Unilateral 

4 On The Basis Of Validity 

Valid Contract 

Void Contract 

Void Agreement 

Voidable Agreement 

Unenforceable Contracts 

Illegal Contract 

It’s amazing that I recognized all the points my teacher told me a few year’s back . One thing we all can notice and are familiar with is that if you have the desire to learn a thing with your proper potential you can achieve brilliance. I want to thank my teacher for making me interested in the subject and for understanding my keen behaviour towards their subject. A Guru is always a Guru and we should always Love our teachers and our elders . Jai Shri Hari 💗

With Great Respect

Thankyou so much 

Luv Sarpal