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,

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