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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.
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
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]
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.
The Indian Sale of Goods Act, 1930 is a mercantile law which came into existence on 1 July 1930, [1] [2] during the British Raj, borrowing heavily from the United Kingdom's Sale of Goods Act 1893. It provides for the setting up of contracts where the seller transfers or agrees to transfer the title (ownership) in the goods to the buyer for ...
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 ...
Indian Contract Act, 1872; L. Lushai Expedition This page was last edited on 5 November 2022, at 06:01 (UTC). Text is available under the Creative Commons ...
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 ...