The immense reach of cyber space has made it difficult to define the jurisdiction of cyber laws. The dispute caused by the breach of a contract, falls under the purview of the legislation of the place of contract formation. The court’s jurisdiction in such a dispute is determined by the place of conclusion of the contract.
According to Indian law, a contract comes into existence only when the acceptance is a mirror image of the offeror’s exact offer. Indian laws provides for ‘the mirror image rule’ that states, an offer must be accepted exactly as offered and without modifications. A contract is formed, only when the acceptance of an offer is absolute and same as the terms of the offer.
The meaning of the term malafide is bad faith, deceptive intention or dishonest motive. It is the fraudulent deception of another person, or the intentional refusal to perform a particular act or contractual obligation. The intentional or malicious violation of rights of a person is an exhibition of bad faith.
As per Section 4(1) of the Indian Sale of Goods Act, 1930, the contract of sale of goods is defined as, “A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price.”
We enter into various contracts so that we can carry on with our day to day activities. It is almost impossible to run a company or get a credit card without entering into some kind of a contract. In India, the formation and validation of a contract is governed by the Indian Contract Act, 1872.
A contract is an agreement by two or more parties that is enforceable by law. All contracts are agreements but all agreements are not contracts. A contract should have few essential elements to be considered as valid. In case any of the requirements are not fulfilled, the contract is considered to be void. One such essential requirement is that both the parties entering the contract should have attained the age of majority. As per the Indian Majority Act, 1875, a person who has not completed the age of 18 years on the date of contract is considered as a minor. There are two exceptions where a person may be considered major only on completion of the age of 21 years.
Raising capital for a company is a pivotal task. A public company may raise its funds by inviting deposits by the issuance of prospectus or offering its share to the general public.
You need contracts for many things in your life. The meaning of contract has been defined differently by various thinkers. Sir Frederick Pollock defined contract as “every agreement and promises enforceable at law is a contract.” Does this help you understand what contract laws are about? Probably not. Simply put, when two parties agree to act or omit to act for a common purpose with a common goal for a specific consideration, this is called a contract. In Islamic law, the consent of both the husband and wife are essential to its validity because marriage is considered as a noble social contract between the parties. In business laws, every business relationship is taken forward through contracts. In many spheres of your own life, the meaning of contracts assumes significance such as when you have to sign a rent agreement, a bank guarantee document, a credit card application, a sale deed and so on. All of these are contracts that are enforceable by both parties.
A contract is essential for any business transaction, ensuring that both parties to the contract abide by the commonly established terms and conditions. Entering an agreement or transaction without a formal contract can be disastrous because it could result in one or both parties escaping their obligations. To protect the interests of both parties, the Indian Contract Act was established in 1872. The purpose of Indian contract law is to ensure fair business practices.