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[00:00:00]So in Unit Number One of Law, Indian Contract Act 1872 Lesson Ok Chapter Name What is Indian Contract Act 1872 In this first concept is about the contract compulsory 90% From this concept there are only chances of question okay So what is mean by contract okay So according to the section 2 of the Indian Contract Act 1872 1872 Contract Act as per the definition is that every contract is an agreement but every agreement is not a contract as per section 2 of Indian Account Indian Contract Act as per the definition is that every contract is an agreement okay Every contract is enforceable by law for us It should be OK, but not all agreements may be contracts, but when it is a contract, the agreement must be mandatory. These four lines should be 200% in your booklet. If you are asked about a contract in the final exam, what are the essential features or valid features of a contract?

[00:01:22]When do we say that a contract is valid?

[00:01:24]First, there must be one, two or more parties. That is, if two or more people or parties enter into a contract together, we call it valid. Can you make a contract on yourself? Can't you?

[00:01:38]Second one, what is offer and acceptance? Offer and acceptance means that if one party makes an offer, the other party must accept it. Only then is there a contract between the two.

[00:01:54]Okay. Next one, what is legal consideration?

[00:01:59]Legal consideration means that whatever your contract is, it must be legal.

[00:02:06]You planted illegal fruits and I supplied drugs, but even if we both sign a contract, does that come under consideration? No, it is not a legal consideration. Second one, what is competent parties?

[00:02:19]Competent parties mean that two major persons must be involved. That is, all those who are entering into the contract must be majors. They must have the correct mindset. That is, we cannot bring madmen and enter into a contract like that.

[00:02:31]Also it should be qualified by law. Both of them should be qualified in terms of law. Okay, fifth one, what is free consent? Free consent means that your contract should not involve fraud, undue influence, misrepresentation, or illegal activities on the part of others.

[00:02:52]That's what we call free consent. Sixth, what is a lawful object? A lawful object means that whatever our agreement is, it must be legal. Okay, what do you say about illegal activities? If you sign a contract for illegal activities, it is not necessary that it will not be valid. Even the seventh one is certainty. That is, your agreement. Your contract should have a clear date and time. The original agreement should be clearly mentioned in it. Okay, eight one is possibility of performance. Whatever we are signing a contract with, it should be possible. For example, now I am telling you that [snorts] I will construct 10 buildings in one month. Is that really possible?

[00:03:42]So your contract should be such that performance is possible.

[00:03:48]Okay, ninth one is not expressly declared void. That is, whatever our section is, whatever the sections of the law are, you should not violate those rules. Do n't violet your agreement should not violet those rules and last one what is clear formalities clear formalities what is legal formalities what rules and regulations we have to follow when we are entering into that contract you should explain clearly about that contract if when he asks about the contract meaning of the definition given to it you can do these 10 points with the help of diagrammatic representation and you can write these 10 points in three sides it will be enough for 12 marks okay this is the main important concept in unit number one clear first concept now second concept comes offer and acceptance second concept main important what is in unit number one i.e. offer and acceptance we also have question about expect Can be done. So what is offer and acceptance according to the section 2 of the Indian Contract Act 1872? An offer is a proposal made by one person to another person expressing willingness to do or abstain from doing something with a view to refusing to consent to the other. For example, I am a person, okay, I am you, another person. I am making an offer.

[00:05:28]I am selling 10 bags of mine for 100. A contract is made only if you accept it. Even if you make an offer and the other person doesn't accept it, or if he accepts and you don't make an offer, the contract won't be valid. So here too, an offer is one person making a proposal to another person. Okay, when we say that it is a valid offer, first one it should have the clear and definite meaning of your offer and whatever it is, you should mention it clearly. Okay, second one it should create legal relationships even if he is your friend or brother or sister or anyone, we should maintain a legal relationship.

[00:06:16]Okay, third one it may be express or implied meaning an offer is something that is expressed and acceptance is something that is implied.

[00:06:26]Okay, firstly, if we are making an offer, the other person should accept it compulsorily. Next it must be communicated to the offeree. Offeree means whoever is accepting it. You have to communicate with them. If there is no communication, there will definitely be no offer and acceptance. The next one is that it should not be certain, uncertain items, uncertain terms, whatever your offer and acceptance is, it should be valid, that is, you should not exclude those terms, that is, you should not exceed them.

[00:07:04]And the sixth one is that it should be general and specific, whatever your offer and acceptance is, it should be general and not based on specific terms, okay, and it should not impose acceptances by silence, if the other party is silent, it does not come under the offer.

[00:07:24]Clearly, this is something we need to learn about the offer.

[00:07:29]In the same continuation, now acceptance means that if someone else makes an offer, we accept it. The proposal becomes accepted that is nothing about acceptance. When one person makes the proposal, he gives his assent. He proposes that the offer is accepted. In order to accept an offer, what are the essential valid features we want? First one is that it should be absolute and unconditional. That is, you should know exactly what your offer is. It should be communicated and it must be made by offering. It should be having the prescribed for the reasonable time. A reasonable period of time before your acceptance is made.

[00:08:19]And it must be given according to the mode prescribed. And it must be given until the offer lapses or is revoked once the termination period. Once it is over, it will automatically be revoked and invalid. So, whatever the offer and acceptance, you should write the answer together. If a contract is an answer, then offer and acceptance together are one answer. Okay now the last answer. The last concept in unit number one is very important. The concept is discharge of contract.

[00:08:54]In unit number one, contract is important. After discharge of contract, it is very important.

[00:09:01]We can consider these two as the top. Okay, what is discharge of contract? If a contract means termination of contractual obligations after discharge, both parties release from performing their duties. What is discharge? The contract is broken in the middle.

[00:09:21]Okay, so that is what we call discharge of contract. After the discharge of the contract, do you need to perform your duties again?

[00:09:30]Definitely not.

[00:09:33]That is called discharge of contract.

[00:09:37]What are the different types? What are the different types of discharge of contract? The first one is you are having by performance.

[00:09:45]In the middle, there are chances of the contract being broken due to performance.

[00:09:49]That is, if the performance of the contract is not good, automatically.

[00:09:54]For example, Rama and I are entering into a contract together. Okay, you say you'll construct the building. If you look at that one month or two months, what will you do? You can break the contract in the middle.

[00:10:05]Why is your performance so bad? That is called by performance. What is next? By mutual agreement, that is, when both of you together cancel the agreement with mutual understanding, remit it or make a modification.

[00:10:20]This discharge of contract is also possible when it happens. The third one is the impossibility of performance. If your performance is not good, but actually impossible, then our contract will definitely break in the middle. Do you understand what is meant by impossibility of performance? Now, as I said earlier, if a single person can construct a building in 10 days, it definitely cannot be done.

[00:10:42]That is impossibility of performance. Fourth, what is lapse of time? When the expected time is exceeded, it is completed in six months, but one year has passed, the work is still not completed. At that time, the contract will be broken. Fifth, what is operation of law? Now, for example, there is offer and acceptance. Even if he died in the middle of the acceptance, or something unauthorized happened, or he was in an insolvent position, then the contract is still discharged. Last one sixth one is a breach of contract when one party refuses or fails to perform the contract and the other party is discharged or may claim for the damages.

[00:11:32]That is, I can claim damages even for wasting my time for so many days. Okay, I'm saying it again, in unit number one, contract is the most important concept, then discharge of contract is also the most important. Okay, next consideration, this consideration will be used for your four marks, so since I'm explaining complete unit number one, I'll mention this too. What is Consideration? According to the section 2 of the Indian Contract Act, Consideration means something given or promised by one party in return for the promise of another. It is known as the price of promise. That is, a promise made by one party to another or a given thing of something in return.

[00:12:25]So what is the variance? Various features that we have in this Consideration means First one it must be moved to the desire process of the promisor. The promisor must have a correct desire and the one who made the promise must be able to fulfill it. It must be applicable to the past, present, future as well. It should be legal. It should be real.

[00:12:49]It should be If the person has finished with all these circumstances, adequate values and it should not be illegal, we call it lawful consideration.

[00:13:01]Okay and last important concept you are having in this unit number one is EIT Act 2000.

[00:13:11]Okay so sometimes you will have a chance to ask questions from EIT Act 2000 as well.

[00:13:19]What is the Information Technology Act 2000?

[00:13:26]The Information Technology Act 2000 is India's first cyber law. Okay, we call it cyber law.

[00:13:33]Why do we use terms like electronic records, digital signatures, electronic e- commerce electronically, that is, digitally without paper? We use all these and why is this IT Act 2000? When we use all these digitally, we have a chance of being threatened by cyber attackers.

[00:13:54]So, we have this IT Act 2000 to prevent those cyber crimes. Okay, so what are the goals of this?

[00:14:10]First, there should be legal recognition, that is, a specific company should be legally registered and it should have a digital and electronic signature. E-commerce means e-commerce, electronic governance and government.

[00:14:26]Now, electronic platforms have come up recently, like for example, Meeseva has come up. In this way, we can say that there is a government-related box in different electronic systems.

[00:14:36]Okay, to prevent cybercrimes, to protect secular electronic transactions and to provide penalties for cyber offenses. Even if we commit cyber offenses, we should also impose penalties or protect electronic transactions. These are the different goals of this IT Act.

[00:14:55]There is a 2000. What are the main features?

[00:14:59]Silent features mean that there is legal recognition. As mentioned earlier, digital signature regulation and protection from cyber attackers, penalties from hacking, protection of electronic data i.e. data stored online, promotion of this governance.

[00:15:17]All these are important for us according to the IT Act 2000. What is the conclusion we are having here? The Information Technology Act 2000 provides a legal framework for electronic transactions and cyber security in India.

[00:15:37]This IT Act 2000 is there only to provide a security for cyber security and electronic transactions. What it does is protect our data from cybercriminals. Clear, so according to me, from unit number one, one about contract, one about discharge of contract, one about IT Act 2000, if you learn these three concepts, long short means 16 marks, you are able to attempt it, do you understand, the last answer is IT Act 2000, we can write it completely on our own, depending on what is present, it is okay