Indian Contract Act 1872: Nature of Contracts

An agreement is a wider term, whereas a contract is a specific type of agreement that is legally enforceable.

The essential elements of a contract include offer, acceptance, intention to create legal relations, consideration, capacity, and legality of the object.

The concept of offer involves a proposal made by one party, and acceptance is the assent to the terms of the offer by the other party.

<p>Before the Indian Contract Act, 1872, the sources of contract law included Vedas, Dharam shastras, Smritis, Shrutis, etc.</p> Signup and view all the answers

<p>Communication and revocation are important in the context of contract law as they govern the rules for offering, accepting, and withdrawing a contract.</p> Signup and view all the answers

<p>The various types of contracts include bilateral contracts, unilateral contracts, express contracts, implied contracts, and void contracts.</p> Signup and view all the answers

<p>‘Aqd’</p> Signup and view all the answers

<p>Minor, intoxicated person, old man or handicapped.</p> Signup and view all the answers

<p>Up to 8 years considered as an infant, 8-16 years considered as boyhood, and after 16 years competent to enter into a contract.</p> Signup and view all the answers

<p>Bilateral transactions based on free consent on all terms and conditions.</p> Signup and view all the answers

<p>Under the Charter of 1726 issued by king George to the East India Company.</p> Signup and view all the answers

<p>September 01, 1872.</p> Signup and view all the answers

<p>To define and amend certain parts of the law relating to contract.</p> Signup and view all the answers

<p>General principles and rules governing contracts.</p> Signup and view all the answers

<p>Whole of India including the state of Jammu and Kashmir after removal of Article – 370 of Indian Constitution.</p> Signup and view all the answers

<p>A conjunction.</p> Signup and view all the answers

<p>Offer, acceptance, intention to create legal relations, consideration, capacity, and free consent.</p> Signup and view all the answers

<p>An agreement is a wider term that may or may not be enforceable by law, while a contract is a specific type of agreement that is legally binding and enforceable.</p> Signup and view all the answers

<p>The Indian Contract Act primarily deals with the regulation of contracts in India.</p> Signup and view all the answers

<p>The concept of offer and acceptance refers to the process through which parties express their willingness to enter into a contract, leading to the formation of a legally binding agreement.</p> Signup and view all the answers

<p>Before the Indian Contract Act, 1872, the sources of contract law included Vedas, Dharam shastras, Smritis, Shrutis, and other ancient texts of Hindu law.</p> Signup and view all the answers

<p>The various types of contracts include valid contracts, void contracts, voidable contracts, and unenforceable contracts.</p> Signup and view all the answers

<p>‘Aqd’</p> Signup and view all the answers

<p>Charter of 1726 issued by king George to the East India Company</p> Signup and view all the answers

<p>Upto 8 years is considered as an infant; 8 to 16 years is considered as boyhood</p> Signup and view all the answers

<p>Bilateral transactions based on free consent on all terms and conditions</p> Signup and view all the answers

<p>It is an Act 'to define and amend certain parts of the law relating to contract'</p> Signup and view all the answers

<p>The whole of India including the state of Jammu and Kashmir</p> Signup and view all the answers

<p>The general principles and rules governing contracts</p> Signup and view all the answers

<p>Minor, intoxicated person, old man, handicapped</p> Signup and view all the answers

<p>Numerous customs and works of Smritikaras interpreting and analysing Vedas</p> Signup and view all the answers

<p>An agreement is not enforceable by law; a contract is enforceable by law</p> Signup and view all the answers