Indian Contract Act, 1872

<p>A promise dependent on a certain act, promise, or forbearance</p> Signup and view all the answers

<p>When the person to whom the proposal is made signifies his assent</p> Signup and view all the answers

<p>The Indian Contract Act, 1872 prescribes the law relating to contracts in India and is the key act regulating Indian contract law. It is applicable to all the states of India and determines the circumstances in which promises made by the parties to a contract shall be legally binding.</p> Signup and view all the answers

<p>The Act was originally enacted with 266 sections, which included General Principles of Law of Contract, Contract relating to Sale of Goods, Special Contracts, and Contracts relating to Partnership. It is currently divided into two parts: Part 1 deals with the General Principles of Law of Contract (Sections 1 to 75), and Part 2 deals with Special kinds of Contracts such as Contract of Indemnity and Guarantee, Contract of Bailment and Pledge, and Contract of Agency.</p> Signup and view all the answers

<ol> <li>Offer (Section 2(a)): An offer refers to a promise that is dependent on a certain act, promise, or forbearance given in exchange for the initial promise. 2. Acceptance (Section 2(b)): When the person to whom the proposal is made, signifies his assent there to, the proposal is said to be accepted. 3. Promise (Section 2(b)): A proposal when accepted becomes a promise.</li> </ol> Signup and view all the answers

<p>Part 2 of the Indian Contract Act deals with Special kinds of Contracts such as Contract of Indemnity and Guarantee, Contract of Bailment and Pledge, and Contract of Agency.</p> Signup and view all the answers

<p>The Indian Contract Act is based on the principles of English Common Law, indicating its influence on the Indian contract law. The Act incorporates principles and concepts from the English Common Law system.</p> Signup and view all the answers