(for cpt course) · vi contents 3. nature of contract .....16–20 introduction 16 nature of...
TRANSCRIPT
Peddina Mohana RaoFormerly Reader
Department of CommerceSri Krushna Chandra Gajapati College, Orissa
MeRcantile law(For CPT Course)
New Delhi-1100012011
Mercantile law (For cPt course)Peddina Mohana Rao
© 2011 by PHI Learning Private Limited, New Delhi. All rights reserved. No part of this book may be reproduced in any form, by mimeograph or any other means, without permission in writing from the publisher.
iSBn-978-81-203-4177-7
The export rights of this book are vested solely with the publisher.
Published by Asoke K. Ghosh, PHI Learning Private Limited, M-97, Connaught Circus, New Delhi-110001 and Printed by Baba Barkha Nath Printers, Bahadurgarh, Haryana-124507.
ToLord Venkateswara
the inspiration and strength of this effort
Content
v
Preface xiii
Part I The IndIan ConTraCT aCT, 1872
1. Law—an overview ...................................................................................................3–9 Introduction 3 DefinitionofLaw 4 ObjectofLaw 4 LegalRules 4 RuleofLaw 6 SocietyandLaw 7 PassingofCentralActs 7 CommercialSuit 8 Summary 8 Keywords 9 Suggested Further Reading 9
2. Mercantile Laws—an Introductory View .......................................................... 10–15 Introduction 10 NatureofMercantileLaw 10 ScopeofMercantileLaw 11 SourcesofMercantileLaw 11 Legislation 12 Custom 12 CaseLaw 12 NaturalLaw 13 EnglishLaw 13 Requisites forSuccessofMercantileLaws 13 Summary 15 Keywords 15
vi Contents
3. nature of Contract .................................................................................................16–20 Introduction 16 NatureofContract 16 Scopeof theContractAct 17 Basis forOtherBranchesofLaw 17 Historyof the IndianContractAct 18 Objectivesof the IndianContractAct 18 BasicAssumptionsof theContractAct 18 Summary 20 Keywords 20
4. agreement and Contract .......................................................................................21–42 Introduction 21 DefinitionofaContract 22 EssentialElementsofaContract 22 ClassificationofAgreement 24 EssentialElementsofaValidContract 26 ContractsunderEnglishLaw 36 Summary 38 Keywords 39 Exercises 39 Practical Problems with Answers 40 Suggested Further Reading 41
5. offer and acceptance .............................................................................................43–60 Introduction 43 Offer 43 Parts of anOffer 43 Characteristics of aValidOffer 44 Classification of Offer 46 LegalRules toOffer 47 Tender 49 Invitation toOffer (Chaffer) 50 Acceptance 51 Essentials of aValidAcceptance 52 ConsequenceofOfferandAcceptance 54 CommunicationofOfferandAcceptance 54 RevocationofOfferandAcceptance 55 Revocationof anOffer 56 RevocationofAcceptance 56 Differencebetween IndianLawandEnglishLaw 56 Summary 57 Keywords 59 Exercises 59 Practical Problems with Answers 60
Contents vii
6. Consideration .......................................................................................................... 61–71 Introduction 61 Definition of Consideration 62 Components ofConsideration 62 LegalRulesRegardingConsideration 62 DoctrineofPrivityofContract 64 Effects ofPrivity ofContract 65 ContractwithoutConsideration 66 DifferencesbetweenEnglishLawand IndianLawregardingConsideration 67 Summary 68 Keywords 69 Exercises 69 Practical Problems with Answers 69
7. Capacity to Contract ............................................................................................. 72–79 Introduction 72 Minors 72 PositionofMinor’sAgreement 73 Minor andContracts 75 PersonsofUnsoundMind 75 Effects ofAgreementsMadebyPersonsofUnsoundMind 76 PersonsDisqualifiedbyanyLaw 76 Summary 77 Keywords 78 Exercises 78 Practical Problems with Answers 79
8. Free Consent ........................................................................................................... 80–97 Introduction 80 Coercion 81 Analysis of the Definition 81 ScopeofCoercion 82 Effect ofCoercion 83 Undue Influence 84 Features 84 Presumption of Undue Influence 85 BurdenofProof [Section16(3)] 85 Rebutting thePresumption 85 Effect of Undue Influence 85 UnconscionableTransaction 86 ContractswithPardanashinWomen 86 Fraud 87 EssentialElements ofFraud 88 Effects ofFraud 88 MereSilenceAmounting toFraud 88 IsSilenceFraud? 89 Misrepresentation 90 Essentials ofMisrepresentation 91 ConsequencesofMisrepresentation 91
viii Contents
Mistake 92 Summary 94 Keywords 96 Exercises 96 Practical Problems with Answers 96
9. Legality of object and Consideration .............................................................. 98–106 Introduction 98 ConsiderationandUnlawfulConsideration 98 LawfulandUnlawfulObject 99 ObjectsorConsiderationUnlawful inPart 103 Unlawfuland IllegalAgreements 103 Effects of Illegality 104 Summary 105 Keywords 105 Exercises 106 Practical Problems with Answers 106
10. Void agreements ................................................................................................ 107–115 Introduction 107 ExpresslyDeclaredVoidAgreements 108 IllegalAgreements 112 Summary 113 Keywords 114 Exercises 114 Practical Problems with Answers 114
11. Performance of Contract .................................................................................. 116–131 Introduction 116 Offer toPerform 118 ByWhomContractsMustbePerformed 119 Devolutionof JointLiabilitiesandRights 120 Devolutionof JointRights 121 WhoCanDemandPerformance 121 TimeandPlaceofPerformance 121 PerformanceofReciprocalPromises 123 RulesRegardingReciprocalPromises 123 AppropriationofPayments 126 AssignmentofContracts 127 ContractsWhichNeednotbePerformed 128 Summary 129 Keywords 130 Exercises 130 Practical Problems with Answers 131
12. discharge of Contract ....................................................................................... 132–141 Introduction 132 DischargebyPerformance 133
Contents ix
DischargebyAgreement 133 Dischargeby ImpossibilityofPerformance 135 Exceptions toSupervening Impossibility 137 Effects ofSupervening Impossibility 138 DischargebyLapseofTime 138 DischargebyOperationofLaw 139 DischargebyBreachofContract 139 Summary 140 Keywords 140 Exercises 140 Practical Problems with Answers 141
13. Breach of Contract ............................................................................................ 142–150 Introduction 142 TypesofBreachofContract 142 Remedies forBreachofContract 143 Rescission 144 Suit forDamages 144 RulesRegarding theDeterminationofDamages 145 Quantum Meruit [Sections65 and70] 146 Specific Performance 147 Injunction 147 Restitution [Sections64 and65] 147 Summary 148 Keywords 148 Exercises 149 Practical Problems with Answers 149
14. Contingent Contracts......................................................................................... 151–157 Introduction 151 ContingentContract 152 Nature ofContingentContract 152 EssentialCharacteristics of aContingentContract 152 RulesRegardingContingentContracts 152 Summary 155 Keywords 156 Exercises 156 Practical Problems with Answers 156
15. Quasi Contracts .................................................................................................. 158–164 Introduction 158 QuasiContract 158 CharacteristicFeatures ofQuasiContract 159 KindsofQuasiContracts 159 Quantum Meruit 161 Summary 163
continue
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