The law of contract is the foundation upon which the superstructure of modern business is built. It is common knowledge that in business transactions quite often promises are made at one time and the performance follows later. Explaining the object of the law Sir William Anson observes:”the law of contract is intended to ensure that what a man has been promised to him shall be performed” DEFINITIONS • A contract is an agreement made between two or more parties which the law will enforce
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Mailed on 23/12/13 BRIEF DISCUSSION ON CONTRACT ACT- 1872 According to Section 2 (h) of the Indian Contact Act, 1872, "A contract is an agreement enforceable by law”. A contract therefore, is an agreement the object of which is to create a legal obligation i.e., a duty enforceable by law. From the above definition, we find that a contract essentially consists of two elements: (1) An agreement and (2) Legal obligation i.e., a duty enforceable by law. As per section 2 (e) "Every promise
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Introduction: In this assignment first we are going to discuss about the how business-people come to have duties under the law of contract and the main legal requirements for the formation of a contract with practical examples and applied theory to support the arguments and then we are going to discuss about how business-people come to have duties for negligence under the law of tort and the main legal requirements for liability in negligence with practical examples and applied theory to support
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view on the validity of the contract? 4. Raj Kumar Santoshi plans to make a movie starring Amitabh Bacchan, among others. Since the movie will have an unusual plot and theme, he is not sure whether it will succeed. He is wondering how he should deal with the terms of payment to Amitabh Bacchan for the movie. Please refer to the provisions of the Indian Contract Act to help him draw up the terms of payment to Amitabh Bacchan. 5. Simran enters into a contract with Kala Academy for singing
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THE INDIAN CONTRACT ACT, 1872 The Law of Contract Constitutes the most important branch of mercantile or commercial law. It affects everybody, more so, trade, commerce anq industry. It may be said that the contract is the foundation of the civilized world. The law relating to contract is governed by the Indian Contract Act, 1872 (Act No. IX of 1872). The preamble to the Act says that it is an Act "to define and amend certain parts of the law relating to contract". It extends to the whole
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The Indian Contract Act, 1872 is the law relating to Contracts in India. It came into force on September 1, 1872 and is extended to the whole of India except to the state of Jammu and Kashmir. The Indian Contract Act, 1872 initially also dealt with Sale of Goods, Indemnity and Guarantee, Law of Bailment, Agency and Partnership. However, in 1930, a separate Act on the Sale of Goods was passed. The Indian Partnership Act was passed in 1932. Interpretation of The Indian Contract Act, 1872 1. When
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THE INDIAN CONTRACT ACT, 1872 The law relating to contract is governed by the Indian Contract Act, 1872. The Act came into force on the first day of September, 1872. It extends to the whole of India except the State of Jammu and Kashmir. The Act is by no means exhaustive on the law of contract. It does not deal with all the branches of the law of contract. Thus, contracts relating to partnership, sale of goods, negotiable instruments, insurance etc. are dealt with by separate Acts. What is
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CONTENTS 1) INTRODUCTION Page - 1 2) PERFORMANCE OF CONTRACTS Page - 2 to 5 3) CONCLUSION Page - 6 4) BIBLIOGRAPHY Page - 7 INTRODUCTION IMPORTANCE OF CONTRACT LAW: Contract law lays down general principles of contract. It is like a limit or boundary within which parties can agree upon something. It lays down the circumstances in which it will be legally obligatory to perform a promise and provides remedies for breach. Our society depends upon free exchange in
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INTRODUCTION Contract labour, the labour of workers whose freedom is restricted by the terms of a contractual relation and by laws that make such arrangements permissible and enforceable. The essence of the contract labourer’s obligation is his surrender for a specified period of the freedom to quit his work and his employer. Other stipulations cover such matters as repayment of the costs of transportation, housing, training, and other expenses. The system of employing contract labour is prevalent
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loan from the other person. It is defined as in the Indian Contract Act, 1872, as “The bailment of goods as a security for the payment of a debt or performance of a promise is called pledge. The bailor in this case is called a Pawner and the bailee is called a Pawnee.” Essentially, when the purpose of the bailment is to secure a loan, it is called a pledge. This article is concerned specifically with Section 176 of the Indian Contract Act, which deals with the pawnee’s right to sue or right of sale
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