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• Contract Act

Contract

• Sec 2(h) of Contract Act provides “An agreement enforceable by law is a contract”. Contract has two elements (1) agreement (2) enforceability.
• Agreement: Sec 2(e) defines agreement as, “Every promise and every set of promises forming consideration of each other is an agreement”.

Essentials of valid contract

Section 10 of contract act lays down that” All agreements are contracts if they are made by the free consent of parties, competent to contract, for a lawful consideration and with a lawful object and are not hereby expressly declared to be void. Where necessary they must satisfy the requirements of law regarding writing and registration”.

Free Consent:

Consent is said to be free if it is not the result of coercion, undue influence, fraud or misrepresentation.

Competency to contract:

Parties to a contract are competent if they are of the prescribed age of majority, are of sound mind and are not disqualified by law.

Agreements Declared to be Void by

Law

Following agreements are declared void by law:

1. Agreements in Restraint of Marriage. (Sec.26)
2. Agreements in Restraint of Trade. (Sec.27)
3. Agreements in Restraint of Legal proceedings. (Sec.28)
4. Uncertain Agreements. (Sec.29)
5. Wagering Agreements. (Sec.30)
6. Agreements Contingent of Impossible Events. (Sec.36)
7. Agreement to do Impossible Acts. (Sec.56)

Kinds of Contracts

Contracts can be classified into the following four categories:

1. According to Enforceability
2. According to Formation
3. According to Performance
4. According to Parties

According to Performance:

• Executed Contracts
• Executory Contracts

According to Parties:

• Unilateral Contracts
• Bilateral Contracts