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What is the Indian Contract Act, 1872?
What is the Indian Contract Act, 1872?
The Indian Contract Act, 1872 governs law relating to contracts in India. It was passed by British India and is based on the principles of English Common Law.
When did the Indian Contract Act, 1872 come into effect?
When did the Indian Contract Act, 1872 come into effect?
The Act came into effect from 1st September, 1872.
What is the definition of a 'proposal' under the Indian Contract Act, 1872?
What is the definition of a 'proposal' under the Indian Contract Act, 1872?
When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal.
Define 'acceptance' as per the Indian Contract Act, 1872.
Define 'acceptance' as per the Indian Contract Act, 1872.
What is the definition of 'agreement' under the Indian Contract Act, 1872?
What is the definition of 'agreement' under the Indian Contract Act, 1872?
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Study Notes
Indian Contract Act, 1872
- The Indian Contract Act, 1872 is a law that regulates contracts and contractual relationships in India.
- It came into effect on September 1, 1872.
Key Definitions
- A proposal is defined as "when one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence."
- Acceptance is defined as "when the person to whom the proposal is made, signifies his assent thereto, the proposal is said to be accepted."
- An agreement is defined as "every promise and every set of promises, forming the consideration for each other."
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