A] Indian Contract Act, 1872

Satisfactory Essays
Topics: Contract
A] Indian Contract Act, 1872
The Contract Act serves as a Mother Act. The Contract Act has a direct link with most other Acts. Whenever two or more people want to establish a relation between/amongst them, there is a need for a contract: Sale of Goods Act (buyer-seller relation), Partnership Act (principal-agent relation), Negotiable Instruments Act (debtor-creditor relation) and so on.
Key takeaways:
• A contract is any promise or set of promises that are made by one person to another in return for some consideration and that is enforceable by law.

• Every contract to be valid must have all the essential elements as stated in the act, such as: the parties must be competent to contract; there should be free consent of both parties; there should be certainty in meaning and all the legal formalities should be complied with.

• Negotiation of contracts. In every contract, the proposer must make an offer and the offeree must accept the offer / proposal exactly the way it is made, i.e. the acceptance should be absolute and unqualified. If the acceptance is partial or qualified, then it amounts to rejection of the offer and making of a counter offer. The original offer can no longer be accepted by the offeree. This is a very important point to know at the time of negotiating contracts.

• Drafting a contract. We learnt about the essential of a valid contract. The exercise on drafting of a agreement to lease was especially useful to understand this aspect.

• Responsibilities of a person once you enter into a contract. If you don’t live up to your commitment then several courses of action can be taken against you, in the form of nominal damages, special damages, exemplary damages and so on.

Importance / Relevance
• A contract enables people to carry on business when there is no trust otherwise between the people.

• It is very important to know who is eligible to enter into contract, because if you enter into a contract with someone who is not

You May Also Find These Documents Helpful

  • Good Essays

    Indian Contract Act 1872

    • 2493 Words
    • 10 Pages

    Indian Contract Act 1872 Indian Contract Act 1872 is the main source of law regulating contracts in Indian law, as subsequently amended. It determines the circumstances in which promise made by the parties to a contract shall be legally binding on them. All of us enter into a number of contracts everyday knowingly or unknowingly. Each contract creates some right and duties upon the contracting parties. Indian contract deals with the enforcement of these rights and duties upon the parties. The…

    • 2493 Words
    • 10 Pages
    Good Essays
  • Good Essays

    The Indian Contract Act, 1872 Contract – Meaning and Nature: The law of contract constitute the most important branch of mercantile or commercial law. The law relating to contracts is governed by the Indian Contract Act, 1872. This act mostly deals with general principle and rules governing contracts. The act is divisible into 2 parts: 1. Section 1 to 75 – deals with general principle of contract and applies to all contracts irrespective of their nature. 2. Section 124 to 238- deals…

    • 368 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Indian Contract Act 1872

    • 849 Words
    • 4 Pages

    1. INDIAN C0NTRACT ACT 1872 Introduction: We enter into contracts day after day. The Law of Contract is comboided in the Indian Contract Act, 1872. The contract act incorporates many features of English Law. What is a Contract ? Section 2(h) of the Indian Contract Act 1872 defines a as an agreement enforceable by law. Section 2(e) defines agreement as “every set of promises forming consideration for each other. Section 2 defines promises in these words , when the person to whom the proposal…

    • 849 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Indian Contract Act, 1872

    • 7396 Words
    • 30 Pages

    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…

    • 7396 Words
    • 30 Pages
    Powerful Essays
  • Powerful Essays

    November 13, 1891, claiming that it would pay £100 to anyone who got sick with influenza after using its product according to the instructions provided with it. “ | £100[1] reward will be paid by the Carbolic Smoke Ball Company to any person who contracts the increasing epidemic influenza colds, or any disease caused by taking cold, after having used the ball three times daily for two weeks, according to the printed directions supplied with each ball.£1000 is deposited with the Alliance Bank, Regent…

    • 5473 Words
    • 22 Pages
    Powerful Essays
  • Powerful Essays

    Limited Head Office, Dhaka. THE CONTRACT ACT, 1872 Md. Hasan Imam Manager Board Division Introduction: The law of contract is the foundation upon which the superstructure of modern business is built. It is frequent that in business transactions quite often promises are made at one time and the performance follows later. The law of contract is applicable not only in business community, but also to others. Everyone of us enters into a number of contracts almost everyday, and most of the…

    • 2392 Words
    • 10 Pages
    Powerful Essays
  • Powerful Essays

    MINOR’S CONTRACT? A CRITICAL ANALYSIS of the Indian Contract Act, 1872 [pic] SUBMITTED BY Zoldrex2 2011 INDEX |S. No. |Particulars |Pg No. | |1 |Abstract |ii | |2 |Index of Authorities…

    • 10824 Words
    • 44 Pages
    Powerful Essays
  • Good Essays

    Legal Aspects Of Business – Indian Contracts Act 1872 Indian Contract Act 1872 is the main source of law regulating contracts in Indian law. Citation Act No. 9 of 1872 Enacted by Parliament of India Date enacted 25 April 1872 Date commenced 1 September 1872 The law relating to contracts in India is contained in Indian Contract Act, 1872. The Act was passed by British India and is based on the principles of English Common Law. It is applicable to the All States of India except the State…

    • 3474 Words
    • 14 Pages
    Good Essays
  • Better Essays

    REPORT ON FRAUD SEC.17 INDIAN CONTRACT ACT 1872 Definition of contract: A contract is an agreement made between two or more parties which the law will enforce. Sec 2(h) defines contract as an agreement enforciable by law. Contract = An agreement + enforceable by law * According to Sir William Anson: A legally binding agreement between two or more persons by which rights are acquired by one or more to acts or forbearances (abstaining from doing something) on the part of the others.…

    • 1272 Words
    • 6 Pages
    Better Essays
  • Good Essays

    Indian Contract Act

    • 2683 Words
    • 11 Pages

    Taylor on 21 December, 1951 Equivalent citations: AIR 1952 P H 277 Author: Soni Bench: Soni ORDER Soni, J. 1. This is an application by Shireen Mall under the provisions of Sections 18 and 19 of the Indian Divorce Act, 1869, read with Sections 3 and 4 of the Indian Matrimonial Causes (War Marriages) Act XL of 1948, praying that this Court may declare the marriage between her and the respondent to be null and void. 2. The facts as deposed to by the petitioner are that she was employed as a Sergeant…

    • 2683 Words
    • 11 Pages
    Good Essays