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Law of Contract
The Objective of this course is to acquaint the students with the concepts of contract and agreement and help them learn to differentiate between them. The course will help them understand the effects of different types of contracts.
Course Outcomes (COs):
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Course |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Paper Code |
Paper Title |
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COM 103 |
Law of Contract |
CO 11. Understand basic aspects of The Indian contract Act for making the agreements, contracts and subsequently to enter into valid business propositions CO 12. Know the difference between various kinds of contract and also the various essentials of a valid contract such as contractual Capacity, Free Consent, Consideration etc. CO 13 Examine the consequences of breach of contract. And the remedies against the breach of Contract which will help the aggrieved party to be indemnified. CO 14: Handle the execution of special contracts such as Contract of Indemnity & Guarantee used in different types of business. |
Approach in teaching:Class room Lecture (Theory/ Using Power Point Presentation) /Discussions using Leading Case laws/ Learning activities for the students: Role Play activities/ Moot Court/Group Discussions/ Class presentation
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Class participation, tutorial assignments and presentations, class tests, C A Test, Semester End Exams.
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Meaning of contract, Important definitions (Sec.2a to Sec. 2j), Valid essentials of contract, Difference between agreement and contract, Classification of Contracts
Proposal: Meaning of proposal, types, legal rules as to the offer
Acceptance: Meaning, Legal rules, communication of offer and acceptance
Meaning, Minors (effects of minor’s agreements), Person of unsound mind (Meaning, types and effects), Persons disqualified by laws.
Free consent: Meaning
Coercion: Meaning, valid essentials, effects.
Undue influence: Meaning, essential elements, effects.
Fraud: Meaning, essential elements, effects.
Misrepresentation: Types, effects.
Mistake: Meaning, classifications (mistake of law and mistake of facts), effects.
Consideration: Meaning, legal rules, contract without consideration is void, Doctrine of privity of contract and exceptions.
Circumstances when object and consideration considered unlawful, Agreement opposed to public policy.
Void agreements: Meaning, Types.
Contingent contracts: Meaning, Valid essentials, Rules as to the enforcement of contingent contract, Difference between wagering agreement & contingent contract.
Meaning, Modes of performance, Types of tender or offer, Essentials of a valid tender.
Discharge of contract: Meaning and modes of discharge of contract, types of breach of contract.
Remedies for breach of contract: Suit for rescission of contract, suit for damages, suit for quantum meruit, suit for specific performance, suit for injunction.
Contract of Indemnity: Meaning, valid essentials, rights of indemnifier and indemnity holder.
Contract of Guarantee: Meaning, valid essentials, extent of surety’s liability, kinds of guarantee, rights of surety, discharge of surety from liability.
Essential Reading:
- Aggarawal, Rohini, Student’s guide to Mercantile & Commercial Laws, Taxmann Allied Services Pvt. Ltd., New Delhi.
- Kapoor, N. D., Elements of Mercantile Law, Sultan Chand & Sons, New Delhi
- Tulsian, P. C., Business Law, Tata McGraw-Hill Publishing Company, New Delhi, 2006.
- Nolakha, R. L., Business Laws, Ramesh Book Depot, Jaipur
Reference books:
- Datey, V.S., Business and Corporate Laws, Taxmann Allied Services Pvt. Ltd., New Delhi
- Singh, Nirmal, Business Laws, Deep & Deep Publications Pvt. Ltd., New Delhi
- Gulshan, S. S., Business Law, Excel Books, New Delhi
