Indian Contract Act

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Questions and Answers

What does the Indian Contract Act, 1872 regulate?

Property rights in India
Contracts in India (correct)
Labor laws in India
Business operations in India

Under which section does the Indian Contract Act define a contract?

Section 124
Section 75
Section 239
Section 2(h) (correct)

Which part of the Indian Contract Act deals with Special kinds of Contracts such as Contract of Indemnity and Guarantee?

Section 75 to 123
Part 1
Part 2 (correct)
Section 239 to 266

What does the term 'Acceptance' refer to in the Indian Contract Act?

<p>Signifying assent to a proposal (D)</p> Signup and view all the answers

What happens to a proposal when it is accepted according to the Indian Contract Act?

<p>It becomes a promise (A)</p> Signup and view all the answers

Flashcards

What does the Indian Contract Act, 1872 regulate?

The Indian Contract Act, 1872 governs all agreements that are legally enforceable contracts in India. It establishes the legal framework for creating, performing, and enforcing contracts.

What is the definition of a contract in the Indian Contract Act?

Section 2(h) of the Indian Contract Act defines a contract as "an agreement enforceable by law". This means that a contract is a legally binding agreement between two or more parties.

What does Part 2 of the Indian Contract Act cover?

Part 2 of the Indian Contract Act deals with specific types of contracts, such as contracts of indemnity and guarantee. These are special contracts with unique features and legal principles.

What does 'acceptance' mean in contract law?

In the context of the Indian Contract Act, 'acceptance' refers to the act of agreeing to a proposal. This signifies a willingness to be bound by the terms of the proposal.

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What happens to a proposal when it is accepted?

According to the Indian Contract Act, when a proposal is accepted, it transforms into a promise. A promise is a legally binding undertaking to perform a specific action, creating an enforceable contract.

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Study Notes

Indian Contract Act, 1872

Regulates contracts and agreements between parties in India

Definition of a Contract

Defined under Section 2(h) of the Indian Contract Act
A contract is an agreement enforceable by law

Special Kinds of Contracts

Part IV of the Indian Contract Act deals with special kinds of contracts
Includes contracts such as Contract of Indemnity and Guarantee

Acceptance

Refers to the unconditional assent to the terms of a proposal
Involves a sign of agreement or approval to the proposal

Effect of Acceptance

When a proposal is accepted, it becomes a promise
The contract comes into existence and is binding on the parties involved

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Description

Test your knowledge of the Indian Contract Act, 1872 with this quiz. Explore key principles and legal provisions governing contracts in India. Sharpen your understanding of the Act's applicability and the legalities surrounding binding promises.