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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 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.
Coal Mines (Special Provisions) Act: 2015: 11 Repealing and Amending Act: 2015: 17 Repealing and Amending (Second) Act: 2015: 19 Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act: 2015: 22 Juvenile Justice (Care and Protection of Children) Act: 2016: 2 Commercial Courts Act: 2016: 4 Bureau of Indian Standards Act ...
Insurance Act, 1938 (as amended up to 2019) Indian Contract Act, 1872 (as amended up to 2018) Transfer of Property Act, 1882 (as amended up to 2019) Other Acts like the Road Goods Movement Act, Road Transport Corporations Act, etc. The Motor Vehicles Act of 1988 mandates that every motor vehicle plying on the road is insured.
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.
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.
The internal agency relationship may be dissolved by agreement. Under sections 201 to 210 of the Indian Contract Act 1872, an agency may come to an end in a variety of ways: Withdrawal by the agent – however, the principal cannot revoke an agency coupled with interest to the prejudice of such interest.
Many of the financial sector laws date back several decades, when the financial landscape was very different from that seen today. For example, the RBI Act and the Insurance Act are of 1934 and 1938 vintage respectively. The Securities Contract Regulation Act was enacted in 1956, when derivatives and statutory regulators were unknown.