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Indian Contract Act

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Questions and Answers

What is the purpose of the Indian Contract Act, 1872?

The purpose of the Indian Contract Act, 1872 is to prescribe the law relating to contracts in India and to regulate Indian contract law.

On what principles is the Indian Contract Act based?

The Indian Contract Act is based on the principles of English Common Law.

How is a contract defined under Section 2(h) of 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?

<p>The Indian Contract Act may be 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.</p> Signup and view all the answers

What are the types of Special Contracts covered under the Indian Contract Act?

<p>The types of Special Contracts covered under the Indian Contract Act are Indemnity, Guarantee, Bailment & Pledge, and Agency.</p> Signup and view all the answers