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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.
Section 11 of the Contract Act, 1872 provides that for a person to have contracting capacity, they had to be of the age of majority, of sound mind, and not otherwise disqualified from contracting by law. However, this does not provide whether a minor's contract is void or voidable at the minor's option. [1]
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]
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.
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.
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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 ...
It extends to the whole of India except the State of Jammu and Kashmir; and it shall come into force on the first day of September, 1872. Indian Contract Act really codifies the way we enter into a contract, execute a contract, implement provisions of a contract and effects of breach of a contract —Preceding unsigned comment added by 123.231 ...