Nature of Contract Video Lecture | Business Laws for CA Foundation

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