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THE INDIAN CONTRACT ACT, 1872 _____ ARRANGEMENT OF SECTIONS _____ SECTIONS PREAMBLE PRELIMINARY 1. Short title. Extent. Commencement. Saving. 2. Interpretation-clause. CHAPTER I OF THE COMMUNICATION, ACCEPTANCE AND REVOCATION OF PROPOSALS 3. Communication, acceptance and revocation of proposals. 4. Communication when complete. 5.
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- OF THE COMMUNICATION, ACCEPTANCE AND REVOCATION OF PROPOSALS.
- OF CONTRACTS, VOIDABLE CONTRACTS AND VOID AGREEMENTS. Void agreements.
- OF CONTINGENT CONTRACTS.
- OF THE PERFORMANCE OF CONTRACTS. Contracts which must be performed. By whom contracts must be performed. Time and place for performance. Performance of reciprocal promises.
- Indian Contract Act, 1872
- What Is Contract?
- Elements of A Valid Contract
- Key Term
- Summary
- Business Law Book References
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The Law of Contractconstitutes 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. The Indian Contract Actis divisible into two...
According to section 2(h) of the Indian Contract Act, 1872 “An agreement enforceable by law is a contract.“ A contract is a combination of the two elements: 1. There must be an agreement 2. Agreement must be enforceable by law (obligation) Contract= Agreement + Enforcement by law
Section 10 of the Indian Contract Act, 1872 provides that “all agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void”. Thus, the essential elements of a valid contractare as follows: 1. An offer or proposal...
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 obligat...
The Indian Contract Act mostly deals with the general principles and rules governing contracts. The Act is divisible into two parts. • The first part (Section 1- 75) deals with the general principles of the law of contract, and therefore applies to all contracts irrespective of their nature. • The second part (Sections 124-238) deals with certain s...
Goel, P. K. (2006). “Business Law for Managers” WileySheth, T. (2017). “Business Law” (2ed.) Pearson.Kuchhal. M.C. & Prakash. “Business Legislation for Management” (2ed.) Vikas Publishing.Learn the basics of the Indian Contract Act, 1872, which regulates the law of contracts in India. Find out the definition, elements, key terms, and summary of the act with examples and references.
The Indian Contract Act, 1872 prescribes the law relating to contracts in India and is the key act regulating Indian contract law. The Act is based on the principles of English Common Law . It is applicable to all the states of India.
- Communication, Acceptance and Revocation of Proposals 3 Communication, acceptance and revocation of proposals 4 Communication when complete 5 Revocation of proposals and acceptances.
- Contracts, Voidable Contracts, and Void Agreements 10 What agreements are contracts 11 Who are competent to contract 12 What is a sound mind for the purposes of contracting.
- Contingent Contracts 31 "Contingent contract" defined 32 Enforcement of contracts contingent on an event happening 33 Enforcement of contract contingent on an event not happening.
- Performance of Contracts which must be Performed 37 Obligations of parties to contracts 38 Effect of refusal to accept offer of performance 39 Effect of refusal of party to perform promise wholly.
Learn the meaning, essentials and types of contracts as per the Indian Contract Act, 1872. Understand the concepts of offer, acceptance, consent, capacity, consideration and void agreements with examples and case laws.
1. Short title . This Act may be called be the Indian Contract Act, 1872. Extent, commencement - It extends to the whole of except the State of Jammu and Kashmir; and it shall come into force on the first day of September, 1872.
