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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.
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Punjab Laws Act 1872 4 Indian Contract Act 1872 9 Indian Christian Marriage Act 1872 15 Madras Civil Courts Act 1873 3 Government Savings Banks Act 1873 5 Northern India Canal and Drainage Act 1873 8 Married Women's Property Act 1874 3 Laws Local Extent Act 1874 15 Majority Act 1875 9 Chota Nagpur Encumbered Estates Act 1876 6
Section 4 of Sale of Goods Act define the term "Sale" and "agreement to sell" as follows: A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. There may be a contract of sale between one part-owner and another. A contract of sale may be absolute or conditional.
Based on English contract law and the British Indian contract law, it was enacted in the 19th century and re-enacted by the Parliament of Bangladesh after the country's independence. It includes chapters on offer and acceptance , voidable contracts, contingent contracts, performance, breach of contract , contractual relations, the sale of goods ...
The history of the present Act is a long one. The Act was originally drafted in 1866 by the 3rd Indian Law Commission and introduced in December 1867 in the council and it was referred to a Select Committee. Objections were raised by the mercantile community to the numerous deviations from the English Law in which it contained.
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A concept of English law that has been adopted in India, a misrepresentation is an untrue or misleading [1] statement of fact made during negotiations by one party to another, which then induces that other party into the contract. The misled party may normally rescind the contract, and sometimes may be awarded damages as well (or instead of ...