Discuss the major provisions of indian contract act, 1872.
Answers
The Indian Contract Act, 1872[1] prescribes the law relating to contracts in India. The Act is based on the principles of English Common Law. It is applicable to all the states of India except the state of Jammu and Kashmir. It determines the circumstances in which promises made by the parties to a contract shall be legally binding. Under Section 2(h), the Indian Contract Act defines a contract as an agreement which is enforceable by law.
INDIAN CONTRACT ACT, 1872
Indian Contract Act 1872 is the main source of law regulating contracts in India.
Citation
Act No. 9 of 1872
Enacted by
Imperial Legislative Council
Date enacted
25 April 1872
Date commenced
1 September 1872
Status: In force
Development
Edit
The Act as enacted originally had 266 Sections, it had wide scope and included.
General Principles of Law of Contract- Sections 01 to 75
Contract relating to Sale of Goods- Sections 76 to 123
Special Contracts- Indemnity, Guarantee, Bailment & Pledge and Agency - Sections 124 to 238
Contracts relating to Partnership- Sections 239 to 266
At present the Indian Contract Act may be divided into two parts
Part 1:deals with the General Principles of Law of Contract Sections 1 to 75
Part 2:deals with Special kinds of Contracts such as
(1)Contract of Indemnity and Guarantee
(2)Contract of Bailment and Pledge
(3)Contract of Agency.
1. Offer 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 to such act or abstinence, he is said to make a proposal.
2. Acceptance 2(b):- When the person to whom the proposal is made, signifies his assent there to, the proposal is said to be accepted.
3. Promise 2(b) :- A Proposal when accepted becomes a promise. In simple words, when an offer is accepted it becomes promise.
4. Promisor and promisee 2(c) :- When the proposal is accepted, the person making the proposal is called as promisor and the person accepting the proposal is called as promisee.
5. Consideration 2(d):- When at the desire of the promisor, the promisee or any other person has done or abstained from doing or does or abstains from doing or promises to do or to abstain from doing something such act or abstinence or promise is called a consideration for the promise. Price paid by one party for the promise of the other Technical word meaning QUID-PRO-QUO i.e. something in return.
6. Agreement 2(e) :- Every promise and set of promises forming the consideration for each other. In short,
{\displaystyle agreement=promise+consideration.} {\displaystyle agreement=promise+consideration.}
7. Contract 2(h) :- An agreement enforceable by Law is a contract.
Therefore, there must be an agreement and it should be enforceable by law.
8. Reciprocal Promises 2(f):- Promises which form the consideration or part of the consideration for each other are called 'reciprocal promises'.
9. Void agreement 2(g):- An agreement not enforceable by law is void.
10. Voidable contract 2(i):- An agreement is a voidable contract if it is enforceable by Law at the option of one or more of the parties there to (i.e. the aggrieved party), and it is not enforceable by Law at the option of the other or others.
11. Void contract 2(j) :- A contract which ceases to be enforceable by Law becomes void when it ceases to be enforceable.
Hope it helps you .
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The Indian Contract Act, 1872[1] prescribes the law relating to contracts in India. The Act is based on the principles of English Common Law. It is applicable to all the states of India except the state of Jammu and Kashmir. It determines the circumstances in which promises made by the parties to a contract shall be legally binding. Under Section 2(h), the Indian Contract Act defines a contract as an agreement which is enforceable by law.\
major provisions
1.It must move at the desire of the promisor. ...
2.Consideration may move from the promisee or any other person. ...
3.Consideration must be an act, abstinence or forebearance or a returned promise.
4.Consideration may be past, present or future. ...
5.Consideration must be real.
hope thiz helpz uh ...
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