THE INDIAN CONTRACT ACT, 1872

Published On : 2018-08-22

Study Online notes for Indian Contract Act, 1872.



The law of contract is the most important part of business law in India. It determines the circumstances in which the promise, made by the parties to a contract shall be binding on them and provides for the remedies available against a person who fails to perform his promise. The law of contract is contained in the Indian Contract Act, 1872, which deals with the general principles of law governing all contracts 'and covers the special provisions relating to contracts. 
CONTRACT ACT IS NOT EXHAUSTIVE
However The Indian Contract Act 1872 does not provide the complete exhaustive business code. It deals with general principles of contract and with some special contracts only like
Indemnity and Guarantee Section 124 to 147
Bailment and Pledge Section 148 to 181
Agency Section 182 to 238


It does not deal with contracts relating to partnership, sale of goods, negotiable instrument etc. Special acts have been provided for these contracts.


It came into force on 1st September 1872.

ESSENTIAL OF A VALID CONTRACT
Every agreement must fulfill certain essentials to be a Valid Contract. These Essentials include Lawful Proposal, Lawful Acceptance Etc. 
Read More about Essential of a Valid Contract




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