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Concepts · CA Foundation/Business Laws + Business Correspondence

Business Laws + Business Correspondence

Ch 1 · Indian Contract Act, 1872 — General Principles

5 concept points · 0 formulas · 5 exam-critical points.

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Concept
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Chart Summary
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Formula Sheet
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Important Points

⭐ Important points (exam-critical)

  • ⭐Stranger to contract cannot sue (privity); exceptions: trust, marriage settlement, family arrangement.
  • ⭐Communication of offer complete when it comes to knowledge of offeree.
  • ⭐Free consent: NOT caused by coercion, undue influence, fraud, misrepresentation, mistake (Sec 14).
  • ⭐Agreement with minor is void ab initio (Mohori Bibee v. Dharmodas Ghose).
  • ⭐Quasi-contract under Secs 68-72 — obligation without agreement.

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