Indian Contract Act, 1872
What is Law ?
Law means a ‘set of rules’ which governs our behaviours and relating in a civilized society. So there is no need of Law in a uncivilized society.
Why Should One Know Law ? One should know the law to which he is subject because ignorance of law is no excuse.
Introduction to Indian Contract Act
Definition of a Contract :-
Sec. 2(h) of the Act defines the term contract as "An agreement enforceable by law is a contract”.
Flow of the definition :-
Contract Agreement Promise Accepted proposal Proposal/offer
Contract as defined by Eminent Justists :-
1. “Every agreement and promise enforceable at law is a contract.” – Pollock
2. “A Contract is an agreement between two or more persons which is intended to be enforceable at law and is contracted by the acceptance by one party of an offer made to him by the other party to do or abstain from doing some act.”
– Halsbury
3. “A contract is an agreement creating and defining obligation between the parties” – Salmond
The Indian Contract Act consists of the following two parts :- a) General Principals of the Law of Contract :-
The general principals of the Law of Contract are contained in Sections 1 to 75 of the Indian Contract Act. These principles apply to all kinds of contracts irrespective of their nature.
b) Special kinds of contracts :-
Special contracts are contained in Sections 124 to 238 of the Indian Contract Act. These special contracts are Indemnity, Guarantee, Bailment, pledge and Agency.
Section 1 of the Contract :-
Section 2 of the Contract :-
Section 2 – Definitions :-
1. Offer (i.e. Proposal) [Sec. 2(a)] :-
“When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other person either to such act or abstinence, he is said to make a proposal”.
Acceptance :-
“When the person to
Law means a ‘set of rules’ which governs our behaviours and relating in a civilized society. So there is no need of Law in a uncivilized society.
Why Should One Know Law ? One should know the law to which he is subject because ignorance of law is no excuse.
Introduction to Indian Contract Act
Definition of a Contract :-
Sec. 2(h) of the Act defines the term contract as "An agreement enforceable by law is a contract”.
Flow of the definition :-
Contract Agreement Promise Accepted proposal Proposal/offer
Contract as defined by Eminent Justists :-
1. “Every agreement and promise enforceable at law is a contract.” – Pollock
2. “A Contract is an agreement between two or more persons which is intended to be enforceable at law and is contracted by the acceptance by one party of an offer made to him by the other party to do or abstain from doing some act.”
– Halsbury
3. “A contract is an agreement creating and defining obligation between the parties” – Salmond
The Indian Contract Act consists of the following two parts :- a) General Principals of the Law of Contract :-
The general principals of the Law of Contract are contained in Sections 1 to 75 of the Indian Contract Act. These principles apply to all kinds of contracts irrespective of their nature.
b) Special kinds of contracts :-
Special contracts are contained in Sections 124 to 238 of the Indian Contract Act. These special contracts are Indemnity, Guarantee, Bailment, pledge and Agency.
Section 1 of the Contract :-
Section 2 of the Contract :-
Section 2 – Definitions :-
1. Offer (i.e. Proposal) [Sec. 2(a)] :-
“When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other person either to such act or abstinence, he is said to make a proposal”.
Acceptance :-
“When the person to
References: : Google Indian Contract Act, 1872 Other PDF files