Meaning: The word capacity means qualification or competence of parties towards the agreement. The Indian contract act 1872 defines the essentials of a contract, in which capacity to contract is one of the factors. where section 11 of the contract act defines capacity to contract where every party to the contract should be major, should …
Consideration; Meaning and Definition. Meaning; Consideration is one of the most important things in any agreement to be enforceable, it means “something in return”, any agreement to be enforceable there should be things exchange towards both parties. Example: “A” trying to buy a bike from “B” for 5,000rs, in this instance “bike and 5,000 are …
Offer/Proposal: Any agreement does not form in the air with its way. An agreement contains two or more parties towards the contract. A person should express his desire to something to others. Section 2(a) states proposal (When one person signifies to another his willingness to do or to abstain from doing anything, to obtain the …
The contract act 1872, clarifies the validity of contracts as follows: Valid contract Void contract Voidable contract Unenforceable contract Illegal contract Valid contract: section 2(h)and 10: A contract is said to be valid if it is enforceable by a court of law. There must have an agreement. It should be enforceable by law. A …
Meaning: the term contact is derived from the Latin word “ contractum” which means drawn together “it is an agreement entered into between two are more persons /parties subject to certain terms and conditions for lawful consideration. Eg; A and B entered into an agreement. A promises B to sell his house for Rs 4000 …
Indemnity is defined under section 24 of the Indian contract act, 1872 as: A contract by which one party promises to save the other from loss held to him by the conduct of the promisor himself, or by the conduct of any other person, is called a contract of indemnity. Parties to the contract: 1) …
