LAW OF CONTRACT
 LAW OF CONTRACT
 ORIGIN
 DEFINITION
 PARTIES IN THE CONTRACT
 ESSENTIAL ELEMENTS OF CONTRACT
 TYPES OF CONTRACT
 Important Branch of Mercantile Law.
 Came into force on 1st Sept 1872.
 2 parts of Act:
SEC 1 to SEC 75 – General Principles.
SEC 124 to SEC 238 – Indeminity & Gurantee,
Pledge & Bailment & Agency.
 CONTRACT – “CONTRACTUM” (LATIN WORD).
DRAWN TOGETHER
 Definition:
An Agreement which is Enforceable
at law is Contract. (ICA,1872)
CONTRACT = Agreement + Enforceability at law
 MINIMUM 2 PARTIES
 PERSON MAKING THE OFFER = PROMISOR
 PERSON ACCEPTING THE OFFER = PROMISEE
 SEC 10
Contract and its essentials
Contract and its essentials
Contract and its essentials

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Contract and its essentials

  • 2.  LAW OF CONTRACT  ORIGIN  DEFINITION  PARTIES IN THE CONTRACT  ESSENTIAL ELEMENTS OF CONTRACT  TYPES OF CONTRACT
  • 3.  Important Branch of Mercantile Law.  Came into force on 1st Sept 1872.  2 parts of Act: SEC 1 to SEC 75 – General Principles. SEC 124 to SEC 238 – Indeminity & Gurantee, Pledge & Bailment & Agency.
  • 4.  CONTRACT – “CONTRACTUM” (LATIN WORD). DRAWN TOGETHER  Definition: An Agreement which is Enforceable at law is Contract. (ICA,1872) CONTRACT = Agreement + Enforceability at law
  • 5.  MINIMUM 2 PARTIES  PERSON MAKING THE OFFER = PROMISOR  PERSON ACCEPTING THE OFFER = PROMISEE

Editor's Notes

  • #5: Social Agreement vs Contract
  • #6: Offer for a particular price and accepted for the same price.