Law of Contract

Law of Contracts Introduction to law of contract

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Law of Contract by Mind Map: Law of Contract

1. What is a contract?

1.1. “A Contract is an agreement entered into by two parties, with the intention of creating a legally binding relationship

2. The two parties

2.1. offeror

2.2. offeree

3. Essential elements of a contract

3.1. valid offer and acceptance

3.2. intention to create legally binding relations.

3.3. The terms of the contract should be certain.

3.4. performance of the contract should be possible

3.5. genuine consent or agreement of the parties to the contract

3.6. should have capacity to contract

4. Search by Asset Type

4.1. Texts

4.2. Images

4.3. Videos

5. Three classifications

5.1. Contracts Void unless in particular Form

5.2. Contracts unenforceable unless in particular Form

5.3. Contracts requiring no formalities

6. must be in writing

6.1. Contracts relating to land and other immovable property

6.2. guarantee or suretyship, and contracts pledging movable property

6.3. partnership where the capital exceeds Rs. 1,000,

6.4. A contract for the sale of goods to be enforceable in law

6.5. promise of marriage to be legally enforceable, it has to be in writing.

7. Workflows

7.1. Scenario

7.2. Scenario

7.3. Scenario

8. Form of a contract

8.1. The specific form, formality or procedure that has to be followed in order to comply with certain statutory requirements, in making a valid contract.