I: Paper-I : Law of Contract-I
Structured subject study centre with syllabus, unit-wise notes, quick references, important statutes and charts.
Subject introduction
The Law of Contract–I is a fundamental branch of commercial and civil law that governs agreements between individuals, businesses and other legal persons. In India, it is primarily regulated by the Indian Contract Act, 1872, which lays down the principles relating to the formation, validity, performance and discharge of contracts, as well as the remedies available for breach. It explains how an agreement becomes legally enforceable through essential elements such as a lawful offer and acceptance, free consent, competent parties, lawful consideration and a lawful object. The subject also deals with void and voidable agreements, contingent contracts, quasi-contractual obligations and compensation for breach. Its central purpose is to ensure that promises made with the intention of creating legal obligations are honoured and that parties receive appropriate relief when contractual duties are not fulfilled.
Syllabus
PAPER-I:
LAW OF CONTRACT–I
Unit-I:
Definition and essentials of a valid Contract - Definition and essentials of a valid Offer - Definition and essentials of valid Acceptance - Communication of Offer and Acceptance - Revocation of Offer and Acceptance through various modes including electronic medium - Consideration - salient features - Exception to consideration - Doctrine of Privity of Contract - Exceptions to the privity of contract - Standard form of Contract.
Unit-II:
Capacity of the parties - Effect of Minor's Agreement - Contracts with insane persons and persons disqualified by law - Concepts of Free Consent - Coercion - Undue influence - Misrepresentation - Fraud - Mistake - Lawful Object - Immoral agreements and various heads of public policy - illegal agreements – Uncertain agreements - Wagering agreements - Contingent contracts - Void and Voidable contracts.
Unit-III:
Discharge of Contracts - By performance - Appropriation of payments - Performance by joint promisors - Discharge by Novation - Remission - Accord and Satisfaction - Discharge by impossibility of performance (Doctrine of Frustration) - Discharge by Breach - Anticipatory Breach - Actual breach.
Unit-IV:
Quasi Contract - Necessaries supplied to a person who is incapable of entering into a contract - Payment by an interested person - Liability to pay for non gratuitous acts - Rights of finder of lost goods – Things delivered by mistake or coercion - Quantum merit - Remedies for breach of contract - Kinds of damages –
liquidated and unliquidated damages and penalty - Duty to mitigate.
Unit-V:
Specific Relief - Recovering possession of property - Specific performance of the contract - Rectification of instruments - Rescission of contracts - Cancellation of instruments-Declaratory Decrees-Preventive Relief-Injunctions - Generally - Temporary and Perpetual injunctions - Mandatory & Prohibitory injunctions – Injunctions to perform negative agreement.
Suggested Readings:
1. Anson: Law of Contract, Clarendon Press, Oxford.
2. Krishnan Nair: Law of Contract , S.Gogia & Co., Hyderabad.
3. G.C.V. Subba Rao: Law of Contract, S.Gogia & Co., Hyderabad.
4. T.S.Venkatesha Iyer: Law of Contract, revised by Dr.V.Krishnama Chary, S.
Gogia & Co.
5. Avatar Singh: Law of Contract , Eastern Book Company, Lucknow.