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The Indian Contract Act, 1872 is the key act regulating Indian contract law. It defines a contract as an agreement enforceable by law and prescribes the general principles and special kinds of contracts.
- Indian Contract Act, 1872
- What Is Contract?
- Elements of A Valid Contract
- Key Term
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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 about the Indian Contract Act, 1872, which regulates the law of contract in India. Find out the definition of contract, agreement, promise, and consideration, and the essential elements of a valid contract.
The Indian Contract Act, 1872, defines and outlines the rules and principles that govern contracts. It addresses various elements of a valid contract, such as offer and acceptance, consideration, free consent, lawful object, and the capacity of parties to contract.
Learn what a contract is according to the Indian Contract Act, 1872, and how it differs from an agreement. See the elements of a contract, such as proposal, acceptance, promise, and enforceability by law, with examples and a solved question.
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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Jul 27, 2024 · As a learner, you can consider this Indian Contract Act 1872 notes as a free, online, and self-paced course. As a competitive exams aspirant, you will find it perfect for Judicial Service Exams, UPSC CSE Law Optional, etc.
The Indian Contract Act, 1872 codifies the legal principles that govern such ‘contracts’. The Act basically identifies the ingredients of a legally enforceable valid contract in addition to dealing with certain special type of contractual relationships like indemnity, guarantee, bailment, pledge, quasi contracts, contingent contracts etc.
