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Acceptance
According to Section 2 (h): when the person to whom the offer is made signifies his assent thereto, the offer is said to be accepted.
MINOR
Minor is a person who has not attained the age of Majority according to the law of his country. According to Section 3 of Indian Majority Act: A minor is a person who has not completed eighteen years of age.
Contract by parents or guardian of the minor: If a minors parents or guardian make a contract on the behalf of the minor and for his benefit, then such contracts are treated as valid. But if they enter into a contract for the employment of a minor, then such a contract will be invalid. Minors contracts cannot be ratified on his becoming major. Minor as an Agent: According to Sec 182 of Indian Contract Act, An agent is a person employed to do an act for another or represents another in dealing with the third party.
Minor as a partner: As per Sec 30 of Indian Partnership Act, A minor can be admitted as a partner, but such a partner will only share the profit not the losses, i.e. he cannot be held liable to share the loss.
Liability for Minor for Torts: If a minor gets indulge in a crime such as murder, then he/she can be held liable just like adults.
Minor cannot be adjudged Insolvent: A minor cannot be adjudged insolvent because due to his incompetency, he cannot be declared insolvent
IDIOT
LUNATIC
DRUNKEN
SENILE PERSON
4. LAWFUL CONSIDERATION
Consideration means Something for Something Consideration is the price for which the promise of other is bought and a promise given for a lawful value is enforceable. As per Section 25 of Indian Contract Act, An agreement without consideration is void.
Consideration must be legal: According to Sec 23, For the validity of a contract it is necessary that the consideration must be legal. Contracts based on illegal consideration are considered void. The consideration is not considered valid or it is considered as unlawful if: It is forbidden by law It involves any injury to a person It is against public policy
5. LAWFUL OBJECT
An agreement can be enforceable by law only when its objective is lawful. If the agreement is having unlawful object, then no legal contract arises between the parties. According to Section 23, If the object is unlawful for the reasons mentioned under then the agreement shall be void: The object of a contract is forbidden by law. If it involves injury to the person or property of another. If the court regard it as immoral or opposed to public policy.
6. POSSIBILITY OF PERFORMANCE
An essential of a valid contract is that it must be capable of performance. According to Section 56 of Indian Contract Act, An agreement to do an impossible act is void ab-initio. There may be two situations, one in which the act is completely impossible and other situation may be in which the parties are not aware of that the act is impossible.
This is also called identity of mind. In English law it is called consensus-ad-idem. If the parties to be contracted do not agree upon the same thing then no contract arises at all. According to Section 14 of Indian Contract Act, consent is said to be free when it is not caused by: Coercion (Sec 15) Undue Influence (Sec 16) Fraud ( Sec 17) Misrepresentation (Sec 18) Mistakes (Sec 20 to 22)
Agreements in Restraint of Trade Exceptions: Sale of Goodwill Restraint on Partner In case of Separation from partnership On sale of Goodwill of the firm Trade combinations Agreements of Service Agreements in Restraint of Legal Proceedings Agreements by way of wager or wagering Agreements. Agreements to do Impossible Acts.