10 Questions
Under which section does the Indian Contract Act define a contract?
Section 2(h)
What does the Indian Contract Act, 1872 regulate?
Indian contract law
Which part of the Indian Contract Act deals with the General Principles of Law of Contract?
Part 1
What does the term 'Offer' refer to as per Section 2(a) of the Indian Contract Act?
A promise dependent on a certain act, promise, or forbearance
When is a proposal said to be accepted as per Section 2(b) of the Indian Contract Act?
When the person to whom the proposal is made signifies his assent
Explain the key principles of the Indian Contract Act, 1872 and its applicability in India.
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.
Discuss the structure and development of the Indian Contract Act with regards to its sections and parts.
The Act was originally enacted with 266 sections, which included General Principles of Law of Contract, Contract relating to Sale of Goods, Special Contracts, and Contracts relating to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.
Define 'Offer', 'Acceptance', and 'Promise' as per Section 2 of the Indian Contract Act.
- 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.
Explain the types of contracts covered under Part 2 of the Indian Contract Act.
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.
Discuss the influences of the English Common Law on the Indian Contract Act, 1872.
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.
Test your knowledge of the Indian Contract Act, 1872 which regulates contract law in India based on the principles of English Common Law and is applicable to all states of India. Explore its definitions, provisions, and key principles.
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