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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 landmark case Toshniwal Brothers (Pvt.) Ltd. vs Eswarprasad, E. and Others, decided in 1996, describes the legality of employment bonds in India.It holds that under the Indian Contract Act, 1872, contracts requiring an employee to pay a bond if they prematurely resign their employment are legal and enforceable, at least in cases where employers pay expenses like training for the employee. [2]
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.
Meanwhile, the Indian Contract Act, 1872 which continues in force in Pakistan, Bangladesh, and India (the most populous common law jurisdiction) provides that valid consideration exists "when at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or ...
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A contingent contract is an agreement that states which actions under certain conditions will result in specific outcomes. [1] Contingent contracts usually occur when negotiating parties fail to reach an agreement. The contract is characterized as "contingent" because the terms are not final and are based on certain events or conditions ...
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