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3 days ago · Indian Contract Act 1872 was enacted on 1st September of that year. The law applied to almost all the states of India except Jammu & Kashmir. The Indian contract law is the main law that regulates any contracts signed in India. There are 266 sections in the law. Let us learn some important points related to the IPCC contract act notes.
The Indian Contract Act is one of the oldest mercantile laws of our country. It came into effect on the 1st of September 1872 and is applicable to the whole of India with the exception of Jammu & Kashmir. Containing a total of 266 sections it is the principal law regulating contracts in India. Let us see some important aspects related to it.
The general law of contract is based on the conception, which the parties have, by an agreement, created legal rights and obligations, which are purely personal in their nature and are only enforceable by action against the party in default. Section 2 (h) of the Indian Contract Act, 1872 [2] defines a contract as "An agreement enforceable by law".
57. (1) Agreement to do impossible act (2) Contract to do act afterwards becoming impossible or unlawful (3) Compensation for loss through non-performance of act known to be impossible or unlawful 58. Reciprocal promise to do things legal, and also other things illegal 59. Alternative promise, one branch being illegal Appropriation of Payments 60.
(1) This Act may be cited as the Law of Contract Act. (2) Nothing contained in this Act shall effect the provisions of any written law heretofore in force in Tanzania and not hereby expressly disapplied or repealed, nor any usage or custom of trade, nor any incident of any contract not inconsistent with the provisions of this Act. 2. Construction
1. This Act may be called the Indian Contract Act, 1872. Extent and commencement.—It extends to the whole of India except the State of Jammu and Kashmir; and it shall come into force on the first day of September, 1872.Enactments repealed—Nothing herein contained shall affect the provisions of any Statute, Act or Regulation not hereby ...
Indian Contract Act, 1872 General Principles of ContractINTRODUCTI. NThe law of contract is the most important branch of Mercantile Law. Without such a law it would be difficult, if. not impossible, to carry on any trade or business in a smooth manner. The law of contract is applica. le not only to business but also to all day-to-day personal ...
