Key Concepts of Indian Contract Act

Front

Definition of Contract

Back

Agreement enforceable by law

Front

Essentials of a Valid Contract

Back

Offer, Acceptance, Consideration, Capacity, Legality

Front

Offer

Back

Proposal by one party to another

Front

Acceptance

Back

Assent to the offer

Front

Consideration

Back

Something of value exchanged

Front

Capacity to Contract

Back

Legal ability to enter a contract

Front

Free Consent

Back

Consent not caused by coercion, undue influence, fraud, misrepresentation, or mistake

Front

Void Agreement

Back

Not enforceable by law

Front

Breach of Contract

Back

Failure to perform contractual obligation

Front

Remedies for Breach

Back

Damages, Specific Performance, Injunction