Indian Contract Act 1872 | CMA Foundation Law | ICA 1872 full lecture | CMA Foundation 2023 | ICMAI

Indian Contract Act 1872 | CMA Foundation Law | ICA 1872 full lecture | CMA Foundation 2023 | ICMAI In this Video, We Will Discuss the Indian Contract Act 1872 CMA Foundation Business Law, all Concepts, Examples, and Problems for CMA Foundation Students and ICMAI Students & Other Commerce Course Students by Chandan Poddar Sir for CMA Foundation Grooming Education. ⚫ CMA Foundation OTT (All Subjects):- https://www.escholars.in/p/cma-founda... Topics to be Included: Indian Contract Act 1872 In Hindi, Basics of Law Meaning of Offer and Types of Offer and Its Rules Acceptance and rules of acceptance Communication of offer and acceptance Revocation of offer and acceptance Communication of revocation of offer and acceptance Lapse of offer Consideration Legal requirements regarding consideration Cases where consideration not required Privity of contract and exceptions Competency to contract Position of minor's agreement Free consent and coercion Undue influence Fraud Misrepresentation Mistake Lawful object and consideration Agreements specifically declared to be void Wagering agreement Contingent agreements Performance of contract Quasi-contract Exceptions of supervening impossibility Types of damages Penalty and liquidated damages Remedies for breach of contract The Indian Contract Act, 1872[1] prescribes the law relating to contracts in India and is the key act regulating Indian contract law. The Act is based on the principles of English Common Law. It is applicable to all the states of India. It determines the circumstances in which promises made by the parties to a contract shall be legally binding. Under Section 2(h), the Indian Contract Act defines a contract as an agreement which is enforceable by law. The Act as enacted originally had 266 Sections, General Principles of Law of Contract – Sections 01 to 75 Contract relating to Sale of Goods – Sections 76 to 123 Special Contracts- Indemnity, Guarantee, Bailment & Pledge and Agency – Sections 124 to 238 Contracts relating to Partnership – Sections 239 to 266 At present the Indian Contract Act may be divided into two parts: Part 1: Deals with the General Principles of Law of Contract – Sections 1 to 75 Part 2: Deals with Special kinds of Contracts such as Contract of Indemnity and Guarantee Contract of Bailment and Pledge Contract of Agency. 1. Offer 2(a): An offer refers to a promise that is dependent on a certain act, promise, or forbearance given in exchange for the initial promise. 2. Acceptance 2(b): When the person to whom the proposal is made, signifies his assent there to, the proposal is said to be accepted. 3. Promise 2(b): A proposal when accepted becomes a promise. In simple words, when an offer is accepted it becomes promise. 4. Promisor and Promisee 2(c): When the proposal is accepted, the person making the proposal is called as promisor and the person accepting the proposal is called as promisee. 5. Consideration 2(d): When at the desire of the promisor, the promisee or any other person has done or abstained from doing or does or abstains from doing or promises to do or to abstain from doing something such act or abstinence or promise is called a consideration for the promise. Price paid by one party for the promise of the other Technical word meaning QUID-PRO-QUO i.e. something in return. 6. Agreement 2(e): Every promise and every set of promises forming the consideration for each other. In short, CMA Foundation: Grooming education academy is engaged in providing qualitative commerce education to society at concessional prices. We believe in Research, reasoning and result and thus our learners admit our USP of: "Pioneer in developing concepts". We provide complete tutorials for the CMA Foundation. To know about the courses and books that best suits your requirement call at our helpline number: 𝟖𝟖𝟖 𝟖𝟖𝟖 𝟎𝟒𝟎𝟐 𝐕𝐢𝐬𝐢𝐭 𝐎𝐮𝐫 𝐖𝐞𝐛𝐬𝐢𝐭𝐞 to know more about the courses available: https://www.escholars.in/ 𝐉𝐨𝐢𝐧 𝐨𝐮𝐫 𝐭𝐞𝐥𝐞𝐠𝐫𝐚𝐦 𝐜𝐡𝐚𝐧𝐧𝐞𝐥 𝐟𝐨𝐫 𝐝𝐚𝐢𝐥𝐲 𝐮𝐩𝐝𝐚𝐭𝐞𝐬:::: https://t.me/cmafoundationgrooming 𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤 𝐏𝐚𝐠𝐞:   / groomingeducationacademy   𝐈𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦 𝐏𝐚𝐠𝐞:   / groomingeducationacademy   𝐓𝐰𝐢𝐭𝐭𝐞𝐫 𝐏𝐚𝐠𝐞::   / academygrooming   𝐋𝐢𝐧𝐤𝐞𝐝𝐈𝐧 𝐏𝐚𝐠𝐞:  / grooming-education-academy   𝐏𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐏𝐚𝐠𝐞:   / groomingeducation   #cma_foundation #icmaiexams #icmai #indiancontractact1872