Indian Contract Act 1872 Overview
Explore the Indian Contract Act of 1872 which governs various transactions in daily life, covering general principles like proposal acceptance, void agreements, performance, and specific contracts such as indemnity, partnership, and more.
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Presentation Transcript
The Law of Contract is applicable not only to Business Community but also to others in the day-to-day transactions. On day to day basis we enter into contracts whether express or implied without even realising about it. For example when we ride a taxi or bus, buy a packet of food, watch a movie a contract is formed.
The law relating to Contracts are codified in the Indian Contract Act,1872. The main object of the Law of Contract is to introduce definiteness in business transactions Law of Contract creates right-in-personam and not right-in-rem. It means it creates right against a particular person or group of persons and not against the whole world.
Scope of Indian Contract Act The Scope may be broadly classified into two groups 1.General Principles of Contract- Which includes Acceptance and Revocation of Proposals Void Agreements and Contingent Contracts Performance of Contracts,and Quasi Contracts etc.
2.Special Kind of Contracts-It includes Indemnity and Guarantee Bailment and Pledge Agency Sale of Goods, and Partnership
