INDIAN CONTRACT ACT, 1872 NOTES (PART I)
INDIAN CONTRACT ACT, 1872 NOTES (PART I) INTRODUCTION Contract, in the simplest definition means a promise enforceable by law. The promise may be to do something or to refrain from doing something. The making of a contract requires the mutual assent of two or more persons, one of them ordinarily making an offer and another accepting. If one of the parties fails to keep the promise, the other is entitled to legal redress. The law of contracts considers such questions as whether a contract exists, what the meaning of it is, whether a contract has been broken, and what compensation is due the injured party. HISTORICAL DEVELOPMENT- Contract act is one of the principal Acts governing all the contractual relations not only in the business world but also from day to day life. It is one of the most important legislation ever drafted by Britishers and the principles enacted therein are nothing but the codification of the general principle governing transactional relationship be...