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What does the Indian Contract Act, 1872 regulate?
What does the Indian Contract Act, 1872 regulate?
The Indian Contract Act, 1872 regulates contracts in India and is the key act governing Indian contract law.
What are the principles on which the Indian Contract Act is based?
What are the principles on which the Indian Contract Act is based?
The Indian Contract Act is based on the principles of English Common Law.
How is a contract defined under the Indian Contract Act?
How is a contract defined under the Indian Contract Act?
Under Section 2(h), the Indian Contract Act defines a contract as an agreement enforceable by Law.
What are the two parts into which the Indian Contract Act may be divided at present?
What are the two parts into which the Indian Contract Act may be divided at present?
To which contracts do Sections 239 to 266 of the Indian Contract Act relate?
To which contracts do Sections 239 to 266 of the Indian Contract Act relate?
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Study Notes
The Indian Contract Act, 1872
- Regulates Indian contract law, based on English Common Law principles
- Applicable to all states of India
Definition of Contract
- A contract is defined as an agreement enforceable by law (Section 2(h))
Development of the Act
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Originally had 266 sections
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Divided into sections dealing with:
General Principles of Law of Contract
- Sections 3-75
- Covers general principles of contract law
Special Contracts
- Sections 76-123
- Deals with contract of sale of goods
- Sections 124-238
- Covers indemnity, guarantee, bailment, pledge, and agency
- Sections 239-266
- Deals with contracts relating to partnership
Current Structure of the Act
- Part 1: Deals with general principles of law of contract (Sections 1-75)
- Part 2: Deals with special kinds of contracts, including contract of indemnity and others
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