Course Description

THE RATIONALE

The foremost reason that makes it imperative to study this course is the wide application of the law of contract in every-day life. We make contracts when we buy commodities or travel on a bus. Obviously not all contracts are of these simple types. Contracts dealing with the construction of ships or buildings will be highly complex. Nevertheless, across that spectrum the underlying principles of contract law remain the same and it is those basic principles which are the subject matter of this course. Moreover formation of contract being mandatory for all commercial transactions accentuates the importance of the subject.

Accordingly the focus will be on the nature of agreement, the reason for non-enforceability of an agreement, the justification for non-performance of an agreement and the ground for awarding damages. The discussion will further entail the analysis of the law of obligations. Thus it will be considered whether it is helpful or not to think of contract law as a component of a wider law of obligations which also includes both tort and the law of restitution.

An important area of discussion will be the growing trend of resorting to standard form of contract/adhesive contract. This type of contract challenges the classical notions of the law of contract viz. offer, acceptance and consensus-adidem. Another area will be the recognition of the right of third parties in a contract. The divergence between the traditional and the modern notions of the law of contract will thus be of prime concern.

The changing nature of the law of contract will constantly be a point of reference.

THE COURSE OBJECTIVES:

By the end of this training, participants will be able to learn:

• To trace the evolution of the law of contract with the changing times in order to evaluate the role of equity in law;
• To compare the law of torts and the law of contract in order to differentiate between the nature of these two types of civil wrongs;
• To analyze the concepts associated with the classical contract law in order to evaluate their relevance;
• To analyze the various definitions of ‘Contract’ in order to identify the best approach of understanding the subject;
• To analyze the various doctrines in order to determine their relevance;
• To analyze the role of the State in regulating freedom of contract in order to understand the need for such interference.

THE COURSE OUTLINE

The course will cover the following:

MODULE 1: FORMATION OF CONTRACT

• Contract: A Promise Or A Bargain
• Offer & Acceptance
• Consent & Capacity
• Promissory Estoppel
• Doctrine Of Consideration & Privity
• Agreements Illegal / Against Public Policy
• Wagering Agreements
• Contingent Contracts

MODULE 2: VITIATED CONSENT

• Mistake
• Fraud
• Undue influence
• Coercion
• Unconscionable bargains
• Void/Voidable/Valid contract

MODULE 3: PERFORMANCE OF CONTRACT

• Performance of contract- what is it?
• Who should perform?
• When should the performance of the contract take place?
• Doctrine of Frustration and the Indian approach
• Other situation when performance is not-required
• Quantum Meruit

MODULE 4: QUASI CONTRACT

• What is quasi-contract?
• When does the doctrine of unjust enrichment operate?

MODULE 5: CONSEQUENCES OF BREACH OF CONTRACT

• What is doctrine of restitution?
• What is the difference in the concept of damages as understood under contract and torts
• When is specific performance granted?

TARGET AUDIENCE

Legal Officers, Compliance Officers, Chief Risk Officers, Contracts managers, Students and Personnel responsible for managing contracts to ensure their company achieves maximum benefit from the contract terms.

Delivery Method: Combines lectures, class discussions, group exercises, illustrations, role-plays and practical application of the topics.

Venue:

Fee:

Duration: 1 week

Course Date: May 8th -12th 2023