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Tips For Indian Contract Law For CA Foundation

  • 30 Jun 2022

The Law of Contract constitutes the most important branch of Mercantile or Commercial Law. It is the foundation upon which the superstructure of modern business is built.It affects everybody, more so, trade, commerce and industry. It may be said that the contract is the foundation of the civilized world.

For a topic like this you need to be very thorough in your approach. Since this is heavily based on theory, you have no option but to sit down and start reading and understanding the concepts. If the subject becomes a little too much for you then don’t worry. CA Exam Series has come up with mentorship program for all their students.

With the mentorship program you get a Customized Study Planner designed especially for you and catering to your Targets.You get a Counselling session by the Mentor who would be a Qualified All-India Rank Chartered Accountant.You get suggestions and feedback on your Answer Writing. Not only this you get mock papers from Foundation level to CA Final Test Series.

It is very important to remember key terms such as

Contract: A written or spoken agreement, especially one concerning employment, sales, or a tenancy that is intended to be enforceable by law.

Promise: In contracts, a promise is essential to a binding legal agreement and is given in exchange for consideration, which is the inducement to enter into a promise.

Agreement: An agreement creating obligations enforceable by law. The basic elements of a contract are mutual assent, consideration, capacity, and legality.

Make a list of Section numbers that you will read every day till your tests. Though writing parts are not required, they will undoubtedly offer you an advantage. But remember, if you're not sure, don't quote the section number. No section number is preferable to the incorrect section number.

Aside from learning and understanding the fundamental concepts and provisions, the presentation and style of writing answers in the test is one of the most important criteria in doing well on the Law examination.

Remember while solving Theoretical Questions that these are straight questions that are based on the principles. These questions do not necessitate any additional preparation, but they do necessitate a specific writing strategy.Write the answer in point format. Underline the heading and leave a line after every point. Wherever examples are needed, include them.

However, when you come across Practical Case-Study questions divide your response into three paragraphs.

  • Paragraph 1: State the section number, the name of any case law, and the theory to which the query or case refers.
  • Paragraph 2- Discuss the facts of the case and arrive at a solution in the second paragraph.
  • Paragraph 3: This paragraph should include the final conclusion or recommendation. A conclusion can be written in as few as two or three phrases. You don't need to repeat the provisions because the conclusion isn't the place to make fresh arguments.