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Contract I

The Indian Contract Act is crucial in Commercial Law, ensuring that rights and obligations from contracts are upheld and legal remedies are available. The course covers the formation, consideration, performance, discharge, and quasi-contracts, along with relevant statutory materials. Prescribed and reference books provide comprehensive insights into contract law and its applications.

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11 views2 pages

Contract I

The Indian Contract Act is crucial in Commercial Law, ensuring that rights and obligations from contracts are upheld and legal remedies are available. The course covers the formation, consideration, performance, discharge, and quasi-contracts, along with relevant statutory materials. Prescribed and reference books provide comprehensive insights into contract law and its applications.

Uploaded by

kjayaprakash810
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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LAW OF CONTRACT – I

Objective: The Indian Contract Act occupies the most important place in the Commercial Law.
The objective of the Contract Act is to ensure rights and that the obligations arising out of a
contract are honored and that legal remedies are made available to those who are affected.

COURSE OUTLINE

UNIT – I: BASIC NATURE OF CONTRACT


Indian Contract Act, 1872 - Formation of Contract - Objects of a contract – Essentials of valid
contact - Offer - Acceptance - Revocation - lapse of offer and acceptance - Intention to create
legal relationship -Terms of contract and Standard form of contracts.

UNIT – II: CONSIDERATION


Past, Present and Future consideration - Value and adequacy of consideration - Rule in Pinnel’s
case - Exceptions to consideration - Capacity to contract- Free consent - Factors which vitiate
free consent - unlawful and illegal objects or considerations - valid, voidable and void
agreements.

UNIT III: PERFORMANCE OF THE CONTRACT


Privity of contract - time as essence to performance - place and order of performance -
Performance of reciprocal promises - Wagering agreement - contingent contracts - joint promises
- appropriation of payments.

UNIT IV: DISCHARGE OF CONTRACTS


By impossibility of performance - Discharge by Agreement - Frustration - Novation Recession -
Alteration- Discharge by breach -Waiver - Accord and Satisfaction- Material alteration -
Damages - types and Measures.

UNIT V: QUASI CONTRACTS


Quantum Meruit - Specific Relief Act 1963 - Recovery of possession - Specific Performance of
contracts - Rectification - Cancellation of instruments - Rescission – declaratory decrees -
Injunctions.

Statutory Material
1. Indian Contract Act 1872
2. Specific Relief Act 1963
Books Prescribed:

1. Avatar Singh; Contract and Specific Relief Act; Eastern Book Company; 16th Edn. (2010)
2. Dr.S.K. Kapoor; Contract and Specific Relief Act; Central Law Agency; 14 th Edn.,
(2015)
3. Dr. Kailash Rai; Contract and Specific Relief Act; Central Law Agency; 14 th Edn., (2014)
4. Prof. G.C.V. Subba Rao’s; Law of Contracts; Narender Gogia & Vompany; 11 th Edn.;
Updated (2015)
5. Dr. R.K. Bangia; Contarct 1; Allahabad Law Agency; Reprint. (2016)
6. R.L. Meena; Textbook on law of Contract; Universal Law Publishing Co. Pvt. Ltd.; Edn.
(2008)

Books for Reference:

1. V. Kesava Rao; Contract Cases ad materials; Lexis Nexis; @nd Edn.(2014)


2. Sir Dinshaw Fardunji Mulla; the Inidan Contract Act; Lexis Nexis; 15th Edn. (2016)
3. Nilima Bhadbhade; Contract Law in India; Kluwer Law International; 3rd Edn. (2016)
4. Charles Mitchell & Paul Mitchell; Landmark cases in the Law of Contarct; Hart
Publishing; 2008

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