Vidhi_bodh !!

“Consideration means something which is of some value in the eyes of law. It may be some benefit to the plaintiff or some detriment to the defendant”.  Introduction Consideration is one of the most important essentials of valid Contract. It is the foundation of every contract. It is the sign and symbol of a bargain. It is a legal evidence of the intention of the parties to effect their legal relation. When a party to an agreement promises to do something, he must get something in return of it. If he does not get something in return, the contract is not valid. The word, ‘consider' is derived from the Latin term ‘Considerare’ and the meaning of the word consideration is ‘payment’ or 'reward’. Consideration is the normal ‘badge of enforceability’ for a contract. Subject to certain exceptions, an agreement is not enforceable unless each party to agreement gets something. This “something" is called ‘consideration'. Consideration is a quid pro quo i.e. something in r

"When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted."  INTRODUCTION Acceptance is derived from the Latin word 'acceptare’ which means to accept, to assent; to assent to a promise made by another. A contract emerges from the acceptance of an offer. Section 2(b) of the Contract Act states that “A proposal when accepted becomes a promise” and defines ‘acceptance’ as ‘When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted." Acceptance converts the offer into a promise and then it is too late to remove it. Acceptance is to offer what a lighted match is to a train of gunpowder. It produces something which cannot be undone. For example:A offers to sell his house to B for Rs. 60,000. B accepts the offer to purchase the house by paying Rs. 60,000/-. A’s offer said to be accepted & it becomes a ‘promise’. Essentials of a Valid Acceptance 1. Accepta

“When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal”. Introduction The term offer is derived from the Latin word ‘offeree’ which means present or provide. The word proposal of the Contract Act, 1872, is synonyms of the term ‘offer’ of the English Contract Act. The word proposal is used in the Indian Contract Act in the same sense as the word offer is used in the English Law. An offer involves the making of the proposal. The Offer or proposal is the starting point in the formation of a contract. The parties through negotiation & bargaining may strike a deal resulting into acceptance of offer, thereby creating a contract. However in the modern times, due to enormous increase in the commercial transactions, ‘standard form' of contracts are used.  For example, the insurance company prints the terms of insurance contract in advance

Kinds of Contracts as discussed in this article are- 1. Void Agreement 2. Voidable Contract 3. Void Contract 4. Unenforceable Contract 5. Illegal or Unlawful Agreement 6. Express and Implied Contracts 7. Executed and Executory Contracts 8. Unilateral and Bilateral Contracts These are discussed as follows: 1. Void Agreement "An agreement not enforceable by law is said to be void" [Section (2)(g)].  Features: A void agreement does not give rise to any legal consequences. It is void ab-inito, i.e., from the very beginning. If any of the essentials of a valid contract, other than free consent, is missing, the agreement is void, i.e., it can not be enforced at courts of law. For example, a agreement with a minor or an agreement without consideration. Certain agreements have been expressly declared as void by the Indian Contract Act, in Sections 11,20, 23 30 and Section 56. There cannot be restitution of benefit under a void agreement and if something has been paid it

Section 10 of the Indian Contract Act, 1872 provides "all agreements are contracts if they are made by the free consent of parties competent to contract for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void".   The essential elements of a valid contract are: 1. An intention to create legal relations or intent to have legal consequence. 2. Free consent between the parties. 3. The parties to contract are legally capable of contracting. 4. The object of the contract is legal and is not opposed to public policy. The agreement is supported by consideration. 5. The agreement must not have been expressly declared to be void under the Act. 6. The terms of the contract are certain. 7. The agreement is capable of being performed, i.e. it is not impossible to perform the contract. 8. Where agreement is required to be in writing under any law it must be in writing; and where both writing and registration are required by some

"The Law of Contract is not the whole law of agreement, nor it is the whole law of obligation; it is the law of those agreements which creates obligations which have their source in agreements." The law of contract is one of the important branches of law. It determines the circumstances in which promises given by the parties to a contract shall be legally binding on them.  The term Contract is derived from the Latin word 'contractum' which means drawn together.  Contract is an agreement to do or not to do an act. It is enforceable by law. Contract as defined by various authorities Sir John Salmond, "The Law of Contract is not the whole law of agreement, nor it is the whole law of obligation; it is the law of those agreements which creates obligations which have their source in agreements." In common parlance the term contract is used to denote a agreement or a promise made by two or more persons.  Sir Fedrick Pollock, “Every agreement and promise enfo

"Universal Adult Franchise or Universal Suffrage means the extension of the right to vote for every adult citizens who has reached majority, i.e., maturity without discrimination on the basis of caste, colour, creed, sex or wealth." In the beginning the suffrage was granted to a limited fraction of the citizens in the society. These few people belong to the class of nobility, clergy, propertied, educated, etc. But, in course of time due to the impact of several revolutions and peoples movements, universal suffrage has been secured by people in various countries. At present, those citizens who attained the age of maturity irrespective of their class, creed and religion possess and exercise franchise in choosing their representatives to various civic bodies. The minimum age limit differs from country to country. It is 18 years in the U.K., India, etc., 23 years in Norway and 25 in Denmark, Spain, Holland, etc. Merits (or arguments in favour of Universal Adult Franchise) (