Professor M R Srinivasan,is an academician, practicing professional or we can say our Guru .Before introducing him ,he is always

“ Gurur Brahma- Gurur Vishnu - Gurur Devo – Maheshwarah
    Gurur Sakshat – Par Brahma – Tasmai Shri – Guruwe Namah”

He is one of the most fantastic professors .He started his career as an advocate in Chennai Bar about 50 years ago.He is completed his 35 years of teaching in Vaishnava college of Chennai.He is a visiting faculty in C.A, C.S ,C.W.A  ,classes.He was also a visiting faculty in Benguluru Encourage College.He taught the law for students for 50 more years.He wrote several books in that area, labour law,contract Act, Constitution.So many areas he has touched.His teaching we are mainly record because he is an enthusiastic person,positive thinker.

If we follow his lectures we will learn the law like anything .These lectures will be life time remembering experiences for everybody.
Here are few important contents of his lectures of Law of Contract….

Before explaining Contract Act, 
What is the importance of law?  Because Contract Act belongs to commercial law.

So what is law?  
Law is nothing but rule of external action made for human beings enforced by Sovereign political authority.

Then ,what is society?
Society is nothing but the result of the reciprocal satisfaction of the individuals .You may have casteless society but you can not have classless society .That is why Plato said,” In a society you have got three segments. One is the Philosopher king class,what is known as rulers. Then,second are soldiers class,who protect our nation and our country., and thirdly professionals, like agriculturists, goldsmith, blacksmith ,carpenters..So you cannot have classless society. You can have casteless society.

Well  . . . .
What is the need for law?
You find ,there is law in nature.Natural law.What we say……
Panikar, a famous historian said ; “living in a surroundings ,beautiful phenomena of nature ,the ancient Indians give his spontaneous expressions of feeling of his gratitude arising in his heart, majestic beauty of arising Sun”
So there is uniformity in nature.There is unity in nature.There is theory of causation.The Sun arises in the East and sets in the West.During seasons,rainy season we gets rain.During winter we are shivering with cold.
Well……. This is what is known as law of nature.Even among the animals exists generacity. Even in Chemistry ,if you fixed Hydrogen with Nitrogen,you get water and if you take Physics ..”theory of  gravity”

So, all these things are functioning according to order of nature. But you cannot be a definite about a man.why man?  A man is a bundle of sensation. At what time he will loose his temper ? At what time his behavior will become violent? Nobody can judge a man. He is a bundle of emotions. So, if you want to control and regulate the behavior of man, necessarily  we have to seek the help of law. What is law? Who is framing the law? It is the external rule of human action. It is framed by Sovereign.Though the concept of Sovereign as was understood previously is entirely different from concept of Sovereign as it was understood today.

The theory of Sovereignty is no more in practice.Here we have democracy.Democracy is meant for society.It is for the people,by the people,of the people.So,in a democratic society you find people are ruling.How do you find people are ruling? People are ruling through the representative.So,society is nothing but the result of reciprocal satiscation of an individuals.

Now,we are going to mention about the various laws and in what part of it does the contract Act belong to? Now you find a law consist of two important segments.These are rights and duties.There can never be law without rights and duties.You take any law, Sale of Goods Act,What are the rights of seller? Then every right has corresponding duty.What are the duties of buyer?There cannot be a right without duty, and there cannot be a duty without right.That is the beauty of law.

So, let us analysis which part of legal aspects does this Contract Act belongs?Now law can be defined  and classify as nPersonal law,Private law and Public law.

Public law is law going to regulate between individuals and state or state vs central, relationship between central government and state government .Ours is federal government., and again between the state governments inter se.Eg..state of karnatake and state of Maharashtra.So these are all aspects which dealt with under public law.

What is private law? It is law that prevails between individual. And what is personal law ? Personal law is nothing but various observations of individuals according to their religion. For example, hindus adopted particular method of marriage..thats why we are governed by Hindu marriage Act, and if we take our Christian brothers ,they are governed by the Special marriage Act.Our muslim brothers are governed by th Momedian law.

So , Contact Act belong to Private law.In private law also there are different segments,…like commercial law, non-commercial law,administrative law,easementay Act…all these are applicable to private individuals.

I have briefly explain these aspects.. Now let us analysis Contract Act belong to a private law .Here public law has nothing  to do.

There are other classification as known as Substanstive law and procedural law.What is substantive law? Substantive law deals with entire rights and duties subtancially. What is procedural law? What is procedure? That is Civil procedure code, Criminal procedure code,Evidence Act, how to prove anything? How to prove a promissory not whether it is genuine or not? What are the presumptions? These are all things which are governed under Procedural law.