Business Studies, asked by zohaibsheikh6039, 1 year ago

Distinguish between consumer protection and indian contract act

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Answered by sanjaymishra96700007
2

consumer protection ,

 is a group of laws and organizations designed to ensure the rights of consumers as well as fair trade, competition and accurate information in the marketplace. The laws are designed to prevent the businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors. They may also provide additional protection for those most vulnerable in society. Consumer protection laws are a form of government regulation that aim to protect the rights of consumers. For example, a government may require businesses to disclose detailed information about products—particularly in areas where safety or public health is an issue, such as food.

Indian Contract Act, 1872[1] prescribes the law relating to contracts in India. The Act was passed by British India and 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 and the enforcement of these rights and duties. DEFINITION : Under Section 2(h), Indian Contract act defines Contract as an agreement which is enforceable by law.

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