Lec 01 Indian Contract Act 1872 Explained | Complete Judiciary Lecture by Dr. Sachin Goyal
Welcome to Krishna Coaching Youtube Channel! Indian Contract Act, 1872 – Detailed Explanation 🔹 INTRODUCTION The Indian Contract Act, 1872 governs all contracts made in India. It lays down the principles relating to formation, performance, and enforcement of contracts. Enforced from: 1st September 1872 Extent: Whole of India (except Jammu & Kashmir, earlier exempted but now applicable post-2019) The Act is divided into two parts: General Principles of Law of Contract – Sections 1 to 75 Special Kinds of Contracts – such as Contracts of Indemnity, Guarantee, Bailment, Pledge, and Agency ⚖️ Definition of Contract Section 2(h): "An agreement enforceable by law is a contract." So, a contract = agreement + enforceability by law 🔹 Essentials of a Valid Contract (Section 10) For an agreement to become a valid contract, it must have: Offer and Acceptance (Sections 2(a) & 2(b)) There must be a lawful offer and a lawful acceptance. Example: A offers to sell his car to B for ₹5 lakh. B accepts → Offer & Acceptance complete. Intention to Create Legal Relations Both parties must intend to be legally bound. Social or domestic agreements (like dinner promises) are not contracts. Lawful Consideration (Section 2(d)) Something in return (“quid pro quo”) must be given. Example: A promises to sell goods; B promises to pay money. Capacity to Contract (Section 11) Must be: of sound mind, of majority age (18 years or more), and not disqualified by law. Free Consent (Section 13 & 14) Consent must not be obtained by: Coercion (Sec. 15) Undue influence (Sec. 16) Fraud (Sec. 17) Misrepresentation (Sec. 18) Mistake (Sec. 20–22) Lawful Object (Section 23) The purpose of the agreement must be legal and not against public policy. Certainty and Possibility of Performance (Sections 29 & 56) Terms must be certain and the performance possible. Not Declared Void (Section 24–30) 🔹 TYPES OF CONTRACTS 1. On the Basis of Formation Express Contract: Stated in words (written/oral) Implied Contract: Inferred from conduct (e.g., taking a bus ride) Quasi-Contract: Created by law to prevent unjust enrichment (Sec. 68–72) 2. On the Basis of Performance Executed: Fully performed Executory: Yet to be performed Unilateral: One party has to perform Bilateral: Both parties have pending obligations 3. On the Basis of Validity Valid Contract: Legally enforceable Void Contract: Not enforceable by law (Sec. 2(j)) Voidable Contract: Valid until avoided (Sec. 2(i)) Illegal Contract: Forbidden by law Unenforceable Contract: Due to technical defect (e.g., lack of stamp) Best Judiciary & Semester Coaching in Chandigarh Join Krishna Judiciary Coaching Chandigarh — known for Judiciary, CLAT, AILET, LLB Semesters, and Law Entrance Coaching under the expert guidance of Dr. Sachin Goyal, popularly known as Success Guru. #ContractAct #JudiciaryCoaching #LawSemesterCoaching #IndianContractAct1872 #JudiciaryPreparation #KrishnaJudiciaryCoaching #DrSachinGoyal #SuccessGuru #LawNotes #LLBClasses #JudiciaryExamPreparation #krishnacoaching #upscmotivational #upsclife #upscdream #upsc study material #upscnotes #upsctopper #law #judiciarycoaching #judicialcoaching #lawcoaching #cpc #crpc #ipc #judge #acompetitiondvocate #jmic #pcs #hcs #legal #clat #upsc #criminallaw #ias #clat #clat 2023 preparation #success #motivation
