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ESSENTIALS OF A
VALID CONTRACT
By:
Naveen Singhvi,
Deputy Director of Audit
2 29 December 2014
CONTRACT : AN OVERVIEW
o Function of Contracts:
o Fundamental to business,
CONTRACT : DEFINITION
CONTRACT : CLASSIFICATION
CONTRACT : CLASSIFICATION
o Contractual capacity,
o Free Consent,
o Consideration,
o Legal Purpose,
o Agreement in Written.
OFFER ACCEPTANCE
OFFER : AN OVERVIEW
OFFER : AN OVERVIEW
ACCEPTANCE : AN OVERVIEW
ACCEPTANCE : AN OVERVIEW
ACCEPTANCE : AN OVERVIEW
CONTRACTUAL CAPACITY
FREE CONSENT
FRAUD : ESSENTIALS
o There must be a representation or
assertion and it must be false,
o The representation must relate to a fact,
o The representation must have been
made with the intention of inducing the
other party to act upon it,
o The representation must have been
made with a knowledge of its falsity,
o The other party must have
subsequently suffered some loss.
o There is misrepresentation:
o When a person positively asserts a fact
is true when his information does not
warrant it to be so, though he believes it
to be true,
o When a party causes however
innocently the other party to the
agreement to make a mistake as to the
substance of the thing which is the
subject of the agreement.
Intention to
Exists Doesnt Exist
Deceive
Damage can be
available to the No such damage are
Consequence
affected party for the available
loss suffered
CONSIDERATION
CONSIDERATION : OVERVIEW
CONSIDERATION : OVERVIEW
LEGAL PURPOSE
UNLAWFUL AGREEMENTS
o An agreement forbidden by law,
o An agreement defecting any provisions
of law,
o An agreement opposed to public
policy,
o An immoral agreement,
o A fraudulent agreement,
o An agreement creating damage to
person or property,
OPEN HOUSE
DOUBTS/QUESTIONS/COMMENTS