B.COM /B.B.A BUSINESS LAW The Indian Contract Act, 1872
The Indian Contract Act, 1872, is the principal legislation governing contract law in India. It came into effect on September 1, 1872, and applies to the entire country. This Act outlines the circumstances under which promises made by parties become legally binding, forming the bedrock of commercial and personal agreements in India. Introduction to the Indian Contract Act, 1872: Before the enactment of this Act, contract law in India was governed by English Common Law and customary practices. The Act aimed to codify and streamline these principles, providing a clear and comprehensive legal framework for contracts. Its primary purpose is to ensure that agreements are entered into fairly, that the rights and obligations of parties are clearly defined, and that remedies are available in case of a breach. Key features and purposes of the Act include: Providing a Legal Framework: It defines what constitutes a valid contract, including essential elements like offer, ...
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