The Common Law Admission Test (CLAT) is an entrance exam for admission to undergraduate and postgraduate law programs in India. One of the important topics that students need to study for CLAT is the law of contract. In this article, we will discuss some key notes that will help you understand the law of contract for CLAT.

1. Definition of Contract

A Contract is an agreement between two or more parties that is legally enforceable. It has to be entered into with free consent, for a lawful object, and with consideration.

2. Essential Elements of a Contract

There are six essential elements of a contract, which are:

i. Offer

ii. Acceptance

iii. Consideration

iv. Capacity

v. Free consent

vi. Lawful object

3. Types of Contracts

There are two types of contracts, which are:

i. Express Contract – This is a contract in which the terms are explicitly stated in writing or orally.

ii. Implied Contract – This is a contract in which the terms are not explicitly stated, but can be inferred from the conduct of the parties.

4. Void Contracts

A contract which is not enforceable by law is known as void contract. Such contracts are void ab initio, meaning they are void from the beginning. The following are some examples of void contracts:

i. Agreement made by a minor

ii. Agreement made under coercion

iii. Agreement made under undue influence

iv. Agreement made under fraud

v. Agreement made for illegal consideration

vi. Agreements in restraint of marriage

vii. Agreement to commit a crime

5. Voidable Contracts

A contract which is enforceable by law but can be avoided by one or more parties is known as a voidable contract. Such contracts are valid until they are avoided. The following are some examples of voidable contracts:

i. Agreement made by a person of unsound mind

ii. Agreement made under misrepresentation

iii. Agreement made under fraud

iv. Agreement made under undue influence

v. Agreement made by a person under the influence of drugs or alcohol.

In conclusion, the law of contract is an important topic for CLAT aspirants. Understanding the essential elements, types, void and voidable contracts will help you in answering contract-related questions in the exam. Make sure you solve enough practice questions and mock tests to boost your confidence. Good luck!