Law Indian Contract Act 1872Unit

subject Type Homework Help
subject Pages 42
subject Words 2333
subject School klu
subject Course contract

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Indian Contract Act 1872
Unit I
Objective of the Act
The objective of the Contract Act is to ensure
that the rights and obligations arising out of a
contract are honoured and that legal
remedies are made available to an aggrieved
party against the party failing to honour his
part of agreement. The Indian Contract Act
makes it obligatory that this is done and
compels the defaulters to honour their
commitments.
Extent and Commencement
It extends to the whole of India except the
State of Jammu and Kashmir
It came into force on the first day of
September, 1872.
The sale of Goods was repealed from this
Indian Contract Act in 1930. Contracts relating
to partnership were repealed in 1932.
Present Contract Act
Basic Principles of Contract (Sections 1 to 75)
Indemnity and Guarantee (Sections 124 to
147)
Bailment (Sections 148 to 181)
Agency (Sections 182 to 238)
Proposal
When one person signifies to another his
willingness to do or to abstain from doing
anything, with a view to obtaining the assent
of the other to such act or abstinence, he said
to make a proposal.
Promise
When the person to whom the proposal is
made signifies his assent thereto, the proposal
is said to be accepted. A proposal when
accepted, becomes a promise.
The person making the proposal is called the
“Promisor” and the person accepting the
proposal is called the “Promisee”.
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Consideration
When at the desire of the promisor, the
promise or any other person has done or
abstained from doing, or does or abstains
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