What is Indian Contract Act Part-2

By |May 14th, 2019|

We have seen so far the introduction of an Indian Contract Act. In this article we will see the remaining part of the act. Section 31 of the act talks about the contingent contract which means to do or abstain from doing something. Contract of indemnity and contract of insurance falls under this category. In contingent contract promisor undertake to perform the contract which is depended upon happening/non happening of a specific future uncertain event. Which is collateral to the contract. It is also termed as the conditional contract. There are 5 conditions laid down under this category for the contract to be named as quasi contract.

What is Indian Contract Act Part-1

By |October 24th, 2018|

In the commercial and corporate laws in India the Indian contract act is one of the oldest and essentially operating law throughout the centaury in the monetary, commercial and property transactions. Section 1-75 Provisions related to contract. Section 76-123 Provisions related to “Sale of Goods Act” Section 124-147 Provisions related to “Indemnity and Guarantee” Section 148-181 Provisions related to “Bailment and Pledge” Section 182-238 provisions related to “Agency” Section 239-266 Provisions related to “Partnership Act” Section 1 to 75 contains the general principles related to the contract. As per the Indian Contract Act,1872, a "contract" is an agreement enforceable by law. The agreements which are not enforceable by law are not contracts. An "agreement" means 'a promise or a set of promises' forming consideration for each other. And a promise arises when a proposal is accepted. By implication, an agreement is an accepted proposal. In other words, an agreement consists of an 'offer' and its 'acceptance'.