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    Overview of Indian Contract Act, 1872: Prepared by

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    shubham singh
    The document provides an overview of the Indian Contract Act of 1872. It discusses the introduction and definition of a contract, as well as the essential elements of a valid contract. Specifically, it notes that a contract is a legally enforceable agreement between two parties that creates obligations. The Act aims to govern business transactions and resolve disputes that arise from issues like unfulfilled offers, unpaid consideration, and violated contract conditions.

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    Overview of Indian Contract Act, 1872: Prepared by

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    shubham singh
    47 views7 pages
    The document provides an overview of the Indian Contract Act of 1872. It discusses the introduction and definition of a contract, as well as the essential elements of a valid contract. Specifically, it notes that a contract is a legally enforceable agreement between two parties that creates obligations. The Act aims to govern business transactions and resolve disputes that arise from issues like unfulfilled offers, unpaid consideration, and violated contract conditions.

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    The document provides an overview of the Indian Contract Act of 1872. It discusses the introduction and definition of a contract, as well as the essential elements of a valid contract. Specifically, it notes that a contract is a legally enforceable agreement between two parties that creates obligations. The Act aims to govern business transactions and resolve disputes that arise from issues like unfulfilled offers, unpaid consideration, and violated contract conditions.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    47 views7 pages

    Overview of Indian Contract Act, 1872: Prepared by

    Uploaded by

    shubham singh
    The document provides an overview of the Indian Contract Act of 1872. It discusses the introduction and definition of a contract, as well as the essential elements of a valid contract. Specifically, it notes that a contract is a legally enforceable agreement between two parties that creates obligations. The Act aims to govern business transactions and resolve disputes that arise from issues like unfulfilled offers, unpaid consideration, and violated contract conditions.

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    Overview of Indian Contract Act,1872

    PREPARED BY:
    SHUBHAM SHREE 1
    2
    Module 1

     Introduction of Indian Contract


    Act,1872.
     Definition of Contract
     Essential Elements of a Valid Contract

    <Subject Code> <Name of Subject>


    3
    INTRODUCTION

     Our day-to day interactions and statements that we make


    are not with any intention to create any legal obligation.
     For example, if we say to someone that we will go to
    lunch with him, it is not a legal obligation.
     But business or civil matters, are done in serious manner
    and have a potential to be legally enforceable.
     For example, when we hire an Auto rickshaw for going
    from point A to point B, we are legally bound to pay and
    the driver is legally bound to take us from A to B.

    <Subject Code> <Name of Subject>


    4
     The word CONTRACT is common to all of us and virtually
    no business transactions can take place without any contracts.
     The Indian Contract Act, 1872, deals with various types of
    contracts entered into by various people and defines the
    extremely important aspects of business transactions relating
    to contracts.
     In business dealings, offers for sale and purchase are made
    and accepted, consideration is agreed, and conditions of sale
    are specified.
     Disputes arise when an offer or acceptance is violated,
    consideration is unpaid, and conditions of transactions are
    violated. The Contract Act 1872 takes care of all these matters
    and provides remedies for all such disputes.
    <Subject Code> <Name of Subject>
    5

     The Indian Contract Act,1872 is not an exhaustive Act as it


    does not cover all branches of the law of contract.
     There are other Acts to deals with other types of contract like-
     Sales of Goods Act,1930 for Sales of goods,
     Partnership Act, 1932 for Partnership Contract,
     Transfer of Property Act,1882 for contract relating to Sale of
    immovable property etc.
     Again it does not deal with all types of agreements, it deals
    with only those agreements which are enforceable by law or
    which give rise to legal consequences.

    <Subject Code> <Name of Subject>


    6
    Definition of Contract

     The term “Contract” in ordinary sense


    means an agreement between two
    persons.
     According to Salmond,“Contract is an
    Agreement, creating and defining
    obligations between the parties.”
     It is defined under Sec. 2(h) of the
    Indian Contract Act, 1872 as: “An
    agreement enforceable by law is a
    <Subject Code> <Name of Subject>
    7
    Illustration

     B invites a friend S to dinner. He makes


    elaborate preparations. S fails to turn up for
    dinner and all the preparation made by B go
    waste. Since this was an agreement between
    the parties, B cannot take S to court for legal
    action against him for breaking the
    commitment to come for the dinner.

    <Subject Code> <Name of Subject>

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