INDIAN CONTRACT ACT 1872 (OFFER, ACCEPTANCE, PROMISE, CONSIDERATION, AGREEMENT, CONTRACT) WITH Eg.

Hey Everybody!

The Term Contract is Derived From the Latin Word Contractum. Which Means "Drawn Together".Contract Play a Very Important Role in the Day to Day Life of Every person many a time People enter Into Contracts Without Even Realizing it. It Passed in the Indian Parliament 1872. It Comes Into Force From 1st Sept 1872. According to Sec 2(H) of the Indian Contract Act 1872, "An Agreement Enforceable by Law is a Contract. All Agreement Are Not Enforceable by Law & Therefore, All Agreement Are Not Contracts. But All Contracts Are Agreement. The agreement is Wider Concept Than Contract. In a Contract, There Are 2 Parties the Promisor or Offeror. The Other Party is Promisee or Acceptor.

OFFER + ACCEPTANCE=PROMISE
PROMISE+CONSIDERATION=AGREEMENT
AGREEMENT +ENFORCEABLE BY LAW= CONTRACT

In This Video, I Have Covered

1. What is an Offer

2. What is an Acceptance

3. What is Promise

4. What is Consideration

5. What is an Agreement
with Examples

*Definition
1. Offer/proposal- According to the Indian Contract Act 1872, Proposal is Defined in Section 2 (a) as “ When One Person Will Signify to Another Person His Willingness to Do or Not Do Something (Abstain) With a View to Obtain the Assent of Such Person to Such an Act or Abstinence, He is Said to Make a Proposal or an Offer.”

2. Acceptance- Acceptance. The Indian Contract Act 1872 Defines Acceptance in Section 2 (B) as “ When the Person to Whom the Proposal Has Been Made Signifies His Assent Thereto, the Offer is Said to Be Accepted

3. Promise- Thus the Proposal When Accepted Becomes a Promise.

4. Agreement-The Indian Contract Act 1872, Section 2(E), Defines an Agreements as "Every Promise and Every Set of Promises, Forming the Consideration for Each Other is an Agreement 5. Contract -The Indian Contract Act, 1872 Defines the Term “contract” Under Its Section 2 (H) as “An Agreement Enforceable by Law”.

This Video is Useful for LL.b,CA,CS,B.com,M.com, CMA, MBA Student and for Other Competitive Exams Such as CET, CLAT, Etc

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