Indian Contract Act 1872 | 10 Essential Elements of Contract | Business Law | B.Com/BBA/CA | Part-1

Meaning and Concepts | 10 Essential Elements of Contract | Indian Contract Act 1872 | Business Law| B.Com/BBA/CA Foundation | Part-1

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Enforceability by law
Difference between Agreement and Contract

ESSENTIALS OF A VALID CONTRACT
Free consent
Competency of the parties
Lawful consideration
Lawful object
Not expressly declared to be void [as per Section 24 to 30 and 56]
Intention to create legal relationship
Possibility of performance
CA Foundation Law
LLB Law Lectures
Judiciary Exams
B.COM
BBA
Delhi University
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@CommerceandLawEducation, of
Welcome to our YouTube channel, where we dive deep into the world of business law Lecture-1 ! In this video, we present a comprehensive overview of Chapter 1 of the Indian Contract Act of 1872.

The Indian Contract Act is a crucial piece of legislation that governs contracts and agreements in India. Understanding its provisions is essential for entrepreneurs, business owners, and anyone involved in the commercial sphere.

In this chapter, we explore the fundamental concepts that lay the foundation for the entire Act. We discuss topics such as:

1. Introduction to the Indian Contract Act: Learn about the historical context and significance of this influential law.

2. Definition of a contract: Gain a clear understanding of what constitutes a contract and the essential elements involved.

3. Offer and acceptance: Discover the key principles governing the formation of a valid contract, including the concept of an offer, acceptance, and communication.

4. Consideration: Explore the principle of consideration, its types, and the role it plays in a contract.

5. Capacity to contract: Understand who has the legal capacity to enter into a contract, including minors, persons of unsound mind, and others.

6. Free consent: Learn about the importance of free and voluntary consent in forming a valid contract, including coercion, undue influence, fraud, misrepresentation, and mistake.

7. Legality of object and consideration: Discover the significance of a lawful object and consideration in a contract, and the consequences of illegal agreements.

By watching this video, you will gain a solid foundation in Chapter 1 of the Indian Contract Act 1872. It will equip you with the knowledge necessary to navigate the complex world of contracts and agreements in India's business landscape.

Subscribe to our channel for more in-depth discussions on business law topics, case studies, and practical insights. Hit the like button and leave your comments below to join the conversation. Let's dive into the fascinating world of the Indian Contract Act 1872 together!

Tags: Indian Contract Act 1872, business law, contract law, Indian law, contracts in India, contract formation, offer and acceptance, consideration, capacity to contract, free consent, legality of object and consideration, business contracts, YouTube video.


FULL PLAYLIST:  • Indian Contract Act 18...  ​

This video explains Nature of Contracts as per Indian Contract Act 1872. This video is useful for CA, CS, CMA, B.Com, M.Com, MBA, and LL.b Students.

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