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Nature of Contract Video Lecture | Business Laws for CA Foundation
FAQs on Nature of Contract Video Lecture - Business Laws for CA Foundation
| 1. What is the nature of contract in CA Foundation? |  |
Ans. The nature of contract in CA Foundation refers to the fundamental characteristics and features of a contract. It includes the agreement between two or more parties, the intention to create legal relations, the consideration, the capacity of the parties, free consent, legality of object, and certainty and possibility of performance.
| 2. What is the significance of the nature of contract in CA Foundation? | |
Ans. The significance of the nature of contract in CA Foundation lies in the fact that it defines the essential elements of a valid contract. It helps to determine the enforceability of a contract and provides a framework for analyzing and resolving disputes arising from a contract.
| 3. How does the nature of contract affect the validity of an agreement in CA Foundation? | |
Ans. The nature of contract plays a crucial role in determining the validity of an agreement in CA Foundation. If any of the essential elements, such as free consent, consideration, legality of object, or capacity of the parties, is missing, the agreement may not be considered a valid contract.
| 4. What are the consequences of a breach of contract in CA Foundation? | |
Ans. The consequences of a breach of contract in CA Foundation include damages, specific performance, or injunction. Damages refer to the compensation awarded to the injured party for the loss suffered due to the breach of contract. Specific performance is an order by the court to perform the contract as agreed, and injunction is an order by the court to refrain from doing a particular act.
| 5. How can one avoid a breach of contract in CA Foundation? | |
Ans. One can avoid a breach of contract in CA Foundation by ensuring that all essential elements of a valid contract are present, such as free consent, consideration, legality of object, or capacity of the parties. It is also essential to have a clear and unambiguous agreement with specific terms and conditions to avoid any misunderstandings or disputes.
Text Transcript from Video
0:0:0: chapter 1 the Indian contract act 1872
0:0:4: unit 1 nature and types of contract
0:0:8: prerequisites this unit requires you to
0:0:11: have gone through the introduction to
0:0:13: law and have a general understanding of
0:0:15: business terminology learning objectives
0:0:19: by the end of this unit
0:0:21: you will be familiar with the
0:0:23: terminologies used under this Act
0:0:26: essential elements of a valid contract
0:0:28: rights of the parties and types of
0:0:31: contract let us try to understand these
0:0:34: terminologies with an example example
0:0:37: Raj offers to sell his car to Kumar for
0:0:41: rupees one lakh fifty thousand Kumar
0:0:43: accepts the offer and says I am ready to
0:0:46: buy the car for rupees one lakh fifty
0:0:49: thousand in this case Raj proposes his
0:0:52: willingness to sell the car at rupees
0:0:55: one lakh fifty thousand with a view to
0:0:57: obtain the ascent of Kumar here Raj is
0:1:1: making a proposal when Kumar signifies
0:1:4: to Raj his assent to buy the car for
0:1:7: rupees one lakh fifty thousand Kumar is
0:1:9: said to make a promise this promise
0:1:12: forms consideration for each other for
0:1:15: Raj the consideration is rupees one lakh
0:1:17: fifty thousand and for Kumar the
0:1:20: consideration is car hence it is an
0:1:23: agreement terminology contract an
0:1:26: agreement enforceable by law is a
0:1:28: contract enforce ability means an
0:1:31: agreement which creates some legal
0:1:34: obligation on contracting parties that
0:1:37: is if the agreement is not followed by
0:1:39: any party to the contract he can be sued
0:1:43: contract is equal to agreement plus and
0:1:46: possibility in short we can understand
0:1:50: the contract as below for a promise they
0:1:53: must be two things offered by one party
0:1:55: acceptance by the other party
0:1:58: if this promise contains consideration
0:2:1: for each other it will become an
0:2:3: agreement and if this agreement is
0:2:5: enforceable by law it will become a
0:2:8: contract summary to summarize this unit
0:2:12: the
0:2:13: Indian contract act got its ascent on 25
0:2:16: or 1872 the Indian contract Act came
0:2:20: into force on 1 9 1872 promise is equal
0:2:25: to proposal by one person plus its
0:2:28: acceptance by another person agreement
0:2:31: promise that is offer plus acceptance
0:2:35: plus consideration contract is equal to
0:2:38: agreement plus enforce ability a
0:2:41: contract creates just in personam not
0:2:44: just in rem all contracts are agreements
0:2:47: but all agreements are not contracts
0:2:50: Latin phrase consensus ad Adem means
0:2:54: meeting of minds
0:0:4: unit 1 nature and types of contract
0:0:8: prerequisites this unit requires you to
0:0:11: have gone through the introduction to
0:0:13: law and have a general understanding of
0:0:15: business terminology learning objectives
0:0:19: by the end of this unit
0:0:21: you will be familiar with the
0:0:23: terminologies used under this Act
0:0:26: essential elements of a valid contract
0:0:28: rights of the parties and types of
0:0:31: contract let us try to understand these
0:0:34: terminologies with an example example
0:0:37: Raj offers to sell his car to Kumar for
0:0:41: rupees one lakh fifty thousand Kumar
0:0:43: accepts the offer and says I am ready to
0:0:46: buy the car for rupees one lakh fifty
0:0:49: thousand in this case Raj proposes his
0:0:52: willingness to sell the car at rupees
0:0:55: one lakh fifty thousand with a view to
0:0:57: obtain the ascent of Kumar here Raj is
0:1:1: making a proposal when Kumar signifies
0:1:4: to Raj his assent to buy the car for
0:1:7: rupees one lakh fifty thousand Kumar is
0:1:9: said to make a promise this promise
0:1:12: forms consideration for each other for
0:1:15: Raj the consideration is rupees one lakh
0:1:17: fifty thousand and for Kumar the
0:1:20: consideration is car hence it is an
0:1:23: agreement terminology contract an
0:1:26: agreement enforceable by law is a
0:1:28: contract enforce ability means an
0:1:31: agreement which creates some legal
0:1:34: obligation on contracting parties that
0:1:37: is if the agreement is not followed by
0:1:39: any party to the contract he can be sued
0:1:43: contract is equal to agreement plus and
0:1:46: possibility in short we can understand
0:1:50: the contract as below for a promise they
0:1:53: must be two things offered by one party
0:1:55: acceptance by the other party
0:1:58: if this promise contains consideration
0:2:1: for each other it will become an
0:2:3: agreement and if this agreement is
0:2:5: enforceable by law it will become a
0:2:8: contract summary to summarize this unit
0:2:12: the
0:2:13: Indian contract act got its ascent on 25
0:2:16: or 1872 the Indian contract Act came
0:2:20: into force on 1 9 1872 promise is equal
0:2:25: to proposal by one person plus its
0:2:28: acceptance by another person agreement
0:2:31: promise that is offer plus acceptance
0:2:35: plus consideration contract is equal to
0:2:38: agreement plus enforce ability a
0:2:41: contract creates just in personam not
0:2:44: just in rem all contracts are agreements
0:2:47: but all agreements are not contracts
0:2:50: Latin phrase consensus ad Adem means
0:2:54: meeting of minds
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