The general principles of the law of contract provide the foundation for all contracts between parties, whether they are individuals or companies. The law of contract is a vital area of civil law that governs the agreements that are made between parties. Contract law involves the duties that parties owe each other, their rights, and how they can enforce those rights. In this article, we will investigate the general principles of law of contract- sections 01 to 75 pdf.

Section 1 of the contract law states that a contract is a legally binding agreement between two or more parties that create obligations that are enforceable. One of the parties must make an offer, and the other must accept. The parties must have the intention to be legally bound.

Section 2 of the contract law governs the definition of the terms used in the contract. The parties must be clear about the terms, especially the essential ones. Any vagueness can lead to misunderstandings and legal disputes.

Section 3 states that the essential terms must be agreed upon by all parties before the contract is formed. The court will not accept the terms that are imposed by one party after the contract is formed.

Section 4 governs the capacity of the parties to enter into a contract. The parties should be of legal age, sound mind, and not under duress.

Section 5 states that the contracts that violate the law or public policy are not enforceable. For example, a contract that encourages a criminal activity is against public policy and hence not enforceable.

Section 6 governs the offer made by one party to another. The offer must be definite, certain, and communicated to the offeree.

Section 7 governs how long an offer remains open. A revocation of an offer can be made at any time before acceptance. The offer can also expire after a reasonable time or lapse of a specific period.

Section 8 governs the acceptance of an offer. The acceptance should be communicated to the offeror before revocation.

Section 9 governs the communication of acceptance. The acceptance should be communicated by fax, email, or in writing.

Section 10 governs the consideration in contracts. Consideration means something of value exchanged between the parties.

Section 11 governs the intention to create legal relations. The parties must intend to create a legally binding agreement.

Section 12 governs the certainty of the terms of the contract. The terms of the contract should be clear, definite, and certain.

Section 13 governs the performance of the contractual obligation. The parties should perform their obligations as stipulated in the contract.

Section 14 governs the breach of contract. If one party breaches the contract, the other party can seek damages or specific performance.

Section 15 governs the damages awarded in case of a breach of contract. The damages awarded should compensate the non-breaching party for the loss suffered.

Section 16 governs the specific performance. Specific performance means that the court orders the breaching party to perform the contractual obligation.

Sections 17 to 75 of the law of contract deal with specific types of contracts and situations. These sections deal with contracts of sale, hire purchase, agency, partnership, bailment, and other specific situations.

In conclusion, the general principles of law of contract- sections 01 to 75 pdf provide the essential foundation for all contracts. The parties should be clear about the terms and should intend to create a legally binding agreement. The law of contract governs the obligations that parties owe each other and how they can enforce those obligations.