A contract that is based on fraud is void or voidable, because fraud prevents a meeting of the minds of the parties. Misrepresentation without Fraud A contract may be invalidated if it was based on any innocent misrepresentation pertaining to a material matter on which one party justifiably relied.

—When consent to an agreement is caused by coercion, 1[***] fraud or misrepresentation, the agreement is a contract voidable at the option of the party whose consent was so caused.” A party to contract, whose consent was caused by fraud or misrepresentation, may, if he thinks fit, insist that the contract shall be …

voidable

Section 19 A of the Indian Contract Act, 1872 states that when consent to an agreement is obtained through undue influence, the agreement is voidable at the option of the party whose consent has been obtained in this manner.

Contracts can be discharged by performance: complete performance discharges both sides; material breach discharges the breaching party, who has a right to claim damages; substantial performance obligates the promisee to pay something for the benefit conferred but is a breach.

It is important that the consent given by the parties is free as this can affect the validity of the contract. If the consent to the agreement was obtained or induced by coercion, undue influence, fraud, misrepresentation or mistake, then it has the potential to make the agreement void.

Contract drafting, evaluation, negotiation, and execution. For example, some of those areas are legal compliance, negotiation, and relationship management. Contract managers often serve as the key point of contact between a business and third parties to ensure timely review and approval of any variations.

Coercion mean forcibly compelling a person to enter into a contract, that is, the consent of the party is obtained by use of force or under a threat. Thus, it can also be said that, it is the aggrieved party that decides about avoiding the contract, that is, he cannot be compelled to perform his promise.

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, element of consideration can be satisfied by a valid substitute.

Contracts are made up of three basic parts – an offer, an acceptance and consideration. The offer and acceptance are what the purpose of the agreement is between the parties.

There are five essential elements in a contract which include the following: offer, which is a promise and a demand of some sort; acceptance, which is the agreement to the terms of the offer presented; consideration, which is what is actually presented in exchange for the something in the contract; capacity, which …

The following contracts are unenforceable, unless they are ratified: (1) Those entered into in the name of another person by one who has been given no authority or legal representation, or who has acted beyond his powers; (2) Those that do not comply with the Statute of Frauds as set forth in this number.

The following types of contracts cannot be enforced: A contract for the nonperformance (breach) in which compensation is proper relief. A contract that becomes too complex with too much detail involved. A contract that involves personal skill or knowledge (as mentioned above)

Specific performance of a contract cannot be enforced in favour of a person: (a) who has obtained substituted performance of contract under section 20 or (b) who has become incapable of performing, or violates any essential term of, the contract that on his part remains to be performed, or acts in fraud of the contract …