Use BookMyEssay:The Indian Contract Act, 1872 Assignment Help

Every person is permitted to regulate and define his relations according to the manner he chooses. In India, these principles are presented in the Indian Contract Act, 1872 statutorily. It aids a contract to function legally besides providing remedies to the ones that are affected by it.

Indian Contract Act, 1872 applies to every state of India. Its job is to determine the situations where promises made by a party to a contract would be lawfully binding. Section 2(h) of the Indian Contract Act defines contracts as agreements that the law enforces.

The Indian Contract Act is considered one of the primeval mercantile laws and on the 1^st of September, 1872, it came into effect. This act comprises 266 sections, and it is also the principal law that regulates Indian contracts.

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Why is The Indian Contract Act, 1872 Important?

The Law of contract has emerged as the most vital division of mercantile law as it determines the situations under which a contracting party has made a promise. Additionally, it also specifies the available remedies that are obtainable against people who fail to perform the contract. The Indian Contract Act also does define the circumstances under which various remedies are present.

The law of contract needs to carry on commerce or trade smoothly, as it familiarizes definiteness in a business transaction. However, it doesn’t mean to say that it does affect the business people only but the whole society. So, it can be said that The Indian Contract Act, 1872 affects every person in some manner or other.

Every person gets into a contract like when a person goes to a movie hall, buys a book, or approaches a mechanic for getting his car mended. So, the Contract Act works as a vital factor in a lawful environment.

What are the Provisions of the Indian Contract Act, 1872?

• General Principles of Law & Contract – Section 1 – 75
• Special Contracts – Section 125 – 238
• Contracts connected to the Sale of Products – Section 76 – 129
• Contracts connected to Partnership – Section 239 – 266

Earlier, the Indian Contract Act, 1872 comprised provisions connected to Partnership and Sale of Goods. With time, these provisions have been omitted.

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