Table of Contents
- 1 When was the Indian Contract Act enacted?
- 2 Who introduced Indian Contract Act?
- 3 What is contract under Indian Contract Act?
- 4 Where is the Indian Contract Act applicable?
- 5 Is a guarantee a contract?
- 6 What is Section 10 of Indian Contract Act?
- 7 What are the 7 elements of a contract?
- 8 Who is not eligible for contract?
- 9 What is contract of guarantee under the Indian Contract Act?
- 10 What is the Indian Contract Act 1872?
When was the Indian Contract Act enacted?
1872-04-25
Language
| Act ID: | 187209 |
|---|---|
| Enactment Date: | 1872-04-25 |
| Act Year: | 1872 |
| Short Title: | The Indian Contract Act, 1872 |
| Long Title: | To define and amend certain parts of the law relating to contracts. |
Who introduced Indian Contract Act?
This Act came into force from the 1st day od September, 1872. It extends to the whole of India except to the State of Jammu and Kashmir. The Act was passed by British India and is based on the principles of English Common Law.
What are the objectives of Indian Contract Act?
The objective of the Contract Act is to ensure that the rights and obligations arising out of a contract are honored and that legal remedies are made available to those who are affected. According to Indian Contract Act, 1872 Section 1, this Act may be called the Indian Contract Act, 1872.
What is contract under Indian Contract Act?
The Indian Contract Act, 1872 defines the term “Contract” under its section 2 (h) as “An agreement enforceable by law”. In other words, we can say that a contract is anything that is an agreement and enforceable by the law of the land.
Where is the Indian Contract Act applicable?
The Indian Contract Act is one of the oldest mercantile laws of our country. It came into effect on the 1st of September 1872 and is applicable to the whole of India with the exception of Jammu & Kashmir. Containing a total of 266 sections it is the principal law regulating contracts in India.
What comes first in a valid contract?
Offer. The first element in a valid contract would be offer. An offer or a promise or an agreement needs to be in contract because if there is no offer than there will be no contract. In the Contracts Act, 1950, the first elements in a contract would be offer.
Is a guarantee a contract?
A guarantee is a contract and therefore must comply with the basic requirements of a contract including the need that there be ‘consideration’ for the promise – an issue frequently overcome by executing the guarantee as a deed.
What is Section 10 of Indian Contract Act?
10. All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void.
What are the salient features of Contract Act 1872?
Following are some of those conditions :
- Offer.
- Acceptance.
- Intention to Create Legal Relationship.
- Lawful Object and Lawful Consideration.
- Consideration should not be forbidden by law.
- Capacity to Contract.
- Possibility of Performance.
- Legal Formalities.
What are the 7 elements of a contract?
7 Essential Elements Of A Contract: Everything You Need to Know
- Contract Basics.
- Contract Classification.
- Offer.
- Acceptance.
- Meeting of the Minds.
- Consideration.
- Capacity.
- Legality.
Who is not eligible for contract?
Minor is not eligible to enter into a contract. Minors are individuals who are under the age of 18. Minors are not considered to have legal capacity, meaning they do not have the ability to make contracts with other people. If a minor signs a contract, they have the ability to void the deal with certain exceptions.
What is the Indian Contract Act all about?
The Indian Contract Act, 1872 prescribes the law relating to contracts in India and is the key act regulating Indian contract law. The Act is based on the principles of English Common Law. It is applicable to all the states of India. It determines the circumstances in which promises made by the parties to a contract shall be legally binding.
What is contract of guarantee under the Indian Contract Act?
Contract of Guarantee has been defined under Section 126 of the Indian Contract Act, 1872 i.e. “A contract of guarantee is a contract to perform the promise, or discharge the liability, of a third person in case of his default.
What is the Indian Contract Act 1872?
The Indian Contract Act, 1872 codifies the legal principles that govern ‘contracts’. The Act basically identifies the ingredients of a legally enforceable valid contract in addition to dealing with certain special type of contractual relationships like indemnity, guarantee, bailment, pledge, quasi contracts, contingent contracts etc.