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The Indian Contract Act, 1872 [1] prescribes the law relating to contracts in India and is the key regulating Indian contract law. Then 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.
The rules were exported across the British Empire, as for example in the Indian Contract Act 1872. [39] Further requirements of fairness in exchanges between unequal parties, or general obligations of good faith and disclosure were unwarranted because was said that liabilities "are not to be forced upon people behind their backs". [40]
Pages in category "1872 in India" The following 4 pages are in this category, out of 4 total. ... Indian Contract Act, 1872; L. Lushai Expedition This page was ...
A contract is a legally binding agreement made between parties involved in a transaction for the exchange of goods or services. The agreement often comes in the form of a written instrument that provides the terms or conditions of the arrangement, each of which correspond to an obligation that one of the parties entering the agreement is obliged to fulfill.
After the Indian Rebellion of 1857, the company rule was brought to an end, but the British India along with princely states came under the direct rule of the British Crown. The Government of India Act 1858 created the office of Secretary of State for India in 1858 to oversee the affairs of India, which was advised by a new Council of India ...
Section 27 of the Indian Contract Act has a general bar on any agreement that puts a restriction on trade. [20] The Supreme Court of India has clarified that some non-compete clauses—specifically, those backed by a clear objective that is considered to be in advantage of trade and commerce—are not barred by Section 27 of the Contract Act ...
Events in the year 1872 in India. Incumbents. Richard Bourke, 6th Earl of Mayo, ... Indian Evidence Act; Indian Contract Act; Indian Christian Marriage Act;
For example, in the Indian Contract Act, 1872, past consideration constitutes valid consideration, and that consideration may be from any person even if not the promisee. [47] The Indian Contract Act also codifies examples of when consideration is invalid, for example when it involves marriage or the provision of a public office.