FOR INDIA'S BEST CA CS CMA VIDEO CLASSES CALL 9980100288 OR VISIT HERE
Take This Quiz & Predict Your Score in the coming CA CS or CMA Exam!
  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
  • How many hours you study in a day?
  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
  • Have you attempted mock tests or practice tests yet?
  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
  • Did you manage to finish the test papers on time?
  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?

Types of Indian contracts notes – CSEET

Types of Indian contracts notes – CSEET

Types of Indian contracts:

ICSI CSEET: The Council of the ICSI has released a notice regarding CSEET on the day of the inauguration of ICSI Golden Jubilee Celebrations on 4th Oct 2017.

The Gazette Notification on the Company Secretaries (Amendment) Regulations, 2020 has been published on 3rd February 2020 in the Official Gazette of India and the same shall be applicable from the said date of publication.

Now ICSI Published a notice regarding CSEET Test which going to start from 2020 May.

We are now going to discuss the details of CSEET Paper-2 Legal Aptitude and Logical Reasoning – Types of Indian contracts notes.

Types of Indian contracts

Types of Indian contracts

Types of Indian contracts

There are 3 types of Indian contracts

1) Void Contract: The agreement may be treated as of no effect and it will then be known as void agreement.

2) Voidable contract: The law may give the party aggrieved the option of getting out of his bargain, and the contract is then known as voidable.

3) Unenforceable contract: The party at fault may be compelled to pay damages to the other party

Void Contract:

A void agreement is one which is destitute of all legal effects. It cannot be enforced and confers no rights on either party. It is really not a contract at all, it is non-existent. Technically the words ‘void contract’ are a contradiction in terms. But the expression provides a useful label for describing the situation that arises when a ‘contract’ is claimed but in fact does not exist. For example, a minor’s contract is void.

According to Section 2 (j) of the Indian Contract Act, a contract which ceases to be enforceable by law becomes void when it ceases to be enforceable. Void means a lack of existence or a nullity.

Voidable contract:

Contract Act, an agreement which is enforceable by law at the option of one or more of the parties

thereto, but not at the option of the other or others, is a voidable contract.

A voidable contract is one which a party can put to an end. He can exercise his option, if his consent was not free. The contract will, however be binding, if he does not exercise his option to avoid it within a reasonable time. The consent of a party is not free and so he is entitled to avoid the contract, if he has given his consent due to misrepresentation, fraud, coercion or undue influence.

Unenforceable contract:

An illegal agreement is one which, like the void agreement has no legal effects as between the immediate parties. Further, transactions collateral to it also become tainted with illegality and are, therefore, not enforceable. Parties to an unlawful agreement cannot get any help from a Court of law, for no polluted hands shall touch the pure fountain of justice. On the other hand, a collateral transaction can be supported by a void agreement.

For example, one party may have deceived the other party, or in some other way there may be no genuine consent. The parties may be labouring under a mistake, or one or both the parties may be incapable of making a contract. Again, the agreement may be illegal or physically impossible. All these are called “the FLAWS in contract or the VICES of contract”.

Along with Types of Indian contracts notes, Check our other best free resources of CSEET-

Most dedicated CSEET YouTube Channel

Best CSEET Video Classes by India’s Top Gold Medalist Faculty

Join Most dedicated CSEET Telegram Channel

Leave a comment

Your email address will not be published. Required fields are marked *