The law of contract is important to carry on trade or commerce smoothly, because it introduces definiteness in the business transactions. Contract Law is a form of civil law. Contract Law defines a contract as an agreement which is enforceable by law.
Objectives:
Contracts are at the basis of the majority of transactions especially transactions dealing with the property. Whether the transaction is in the ordinary course of life or in the electronic world (e-commerce) the general principles governing contracts remain the same. For this reason, it is very important to introduce the students to the basic principles governing contracts and lay a powerful foundation for their study of other transactional and related laws in subsequent semesters.
UNIT — I
Formation of Contract — Agreement and Contract — Definitions — Classification – Offer and Acceptance — Communication — Revocation — Essential elements — Invitation to Offer — Tenders.
Consideration — NudumPactum – Essential elements — Privity of Contract and of Consideration — Exceptions — Unlawful Consideration and its effect — e-contract.
UNIT — II
Capacity to Contract — Minor’s Agreements and its effects — Agreement of Persons of unsound mind and Persons disqualified by Law.
Free Consent — Coercion – Undue influence — Misrepresentation — Fraud — Mistake — Legality of Object — Void Agreements —and Contingent Contracts.
UNIT — III
Modes of Discharge of Contracts – Time and place of performance — Performance of reciprocal promises – Appropriation of Payments — Discharge by Agreement, operation of Law, frustration (Impossibility of Performance) and by Breach (Anticipatory and Actual).
UNIT — IV
Remedies for Breach of Contracts — Damages —Kinds of damages – Remoteness of damages — Ascertainment of damages – Quasi Contracts.
UNIT — V
The Specific Relief Act —Sections 9-16, Sections 21, Section 24, Sections 36-42.
Nature of Specific Relief — Recovery of Possession of movable and immovable Property Specific performance when granted and not granted — Who may obtain and against whom Discretionary remedy — Power of Court to grant relief — Rectification of instruments — Cancellation — Declaratory decrees — Preventive relief — Temporary injunctions — Perpetual and Mandatory Injunctions.
