Today question

 Today question 

Define contract 

State the essential element of a valid contract?


The term contract is derived from Latin word contractum which means drawn together.a contract brings or draws the parties together and establishes legal relationship between them .an agreement which can be enforced through the cou9rts of law is called a contract .

Ok

Essential elements of a valid contract 


A .offer and acceptance 

There must be lawful offer by one party and lawful acceptance by another party .


B.intension to create legal relationship 

The parties must keep intention of legal relationship if there is no intention of legal relations otherwise such contract will become social  agreement only .

Case Balfour v/s Balfour 

C.lawful consideration 

An agreement must be supported by lawful consideration.consideration means something in return without lawful consideration any agreement is void .

Example a promise b for public services for 50 k 


D.capacity of parties 

The parties must be competant agreement made with a minor ,an unsound mind and disqualified by law is a void agreement this is not a valid agreement.


E.free consent 

For a valid contract the consent must be absolute free according section 14 .it means it will free from coercion ,undue influence,fraud , misrepresentation and mistake 


F lawful object

The object must be lawful if it is unlawful the contract will be void .


G .the meaning of contract is certain

The terms and conditions of a contract is certain.if meaning of contract is uncertain or ambiguous then contract is void .


H.the contract must not be declared void by law .it must not be fallen in section 26 to section 30.



2.explain different kinds of damages allowed for breach of contract 


There is breach of contract happened the injured or aggrieved party is entitled to claim damages under the contract damages can be  defined as a monetary compensation 

There four types of damages 

1.ordinary damages /general damages 

When there will breach of contract and aggrieved party must suffer from breach of contract then aggrevied party can take compensation from another party .damages must be direct not indirect .ordinary damages is difference between the contract and market price 


2.special damage 

These loss arise from some special and unusual circumstances.when the parties know about these damages at the time of contract.the other party must aware about the loss and damages .the knowledge of special of damage must be known by the parties at the time of contract .


3.vindictive or exemplary damages 

These damages are awarded with intention of punishing the defaulting party .the purpose of vindictive damage to prevent the parties from committing breach.these damages are awarded for breach of contract.in the case of breach of contract to marry or wrongful dishonour then vindictive damage will be awarded

4.nominial damages

Nominal damages are neither compensatory not punitive .the aggrevied party might not have suffered from any substantial loss from suffer of breach .nominal damages are given at the time contract when market price and contract price are same .

5.liquidated damage ---where the amount of compensation is fixed is fair and genuine for breach of contract this is liquidated damage


Penalty damages 

Where the amount of compensation is fixed is not fair and genuine for the breach of contract at the time of formation of contract .it is known as penalty of damages 


There are four types of damages 

1.ordinary da



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