m Prior to the Act, English common law was applicable to

Indian Natives.
m Lot of Inconvenience to people.
m Statutes were enacted to supersede English law and to
regulate contracts between parties.
m Both parties Hindus- Hindu Law
m Both parties Muslims- Muslim Law
m Laws and usage of Hindu and Muslim silent-English Law
m Need for a General Law relating to contracts common
among all parties««..Indian Contract Act 1872
It determines the circumstances in which promise made by the
parties to a contract shall be legally binding on them.
Each contract creates some right and duties upon the
contracting parties. Indian contract deals with the enforcement
of these rights and duties upon the parties.

The Indian Contract Act 1872 sections 1-75 came into force
on 1st September 1872. It applies to the whole of India except
the state of Jammu and Kashmir. It is not a complete and
exhaustive law on all types of contracts.
m Ê
Ê 

m   
 


m 





m 










  







 
 


 






m ÄÊ





 











  
 - [@


 !
m Ä"
 
 
 
  
 









#
$
m Ä
Ê
 
  
 



 

 










 





 

 
 
  
  







@
% 
Ê 
m hffer or Proposal²Acceptance²Promise²Consideration--Agreement²Contract
m ³When one person signifies to another his willingness to do or abstain from doing
anything, with a view to obtaining the assent of that other to such act or abstinence,
he is said to make a    4[Sec.2(a)]
m ³When the person to whom the proposal is made signifies his assent thereto, the
proposal is said to be 

. A proposal when accepted, becomes a

 4[Sec.2(b)]
m ³When at the desire of the promisor, the promisee or any other person has done or
abstained from doing, or does or abstains from doing, or promises to do or to
abstain from doing something such act or abstinence or promise is called a

 for the promise4[Sec.2(d)]««..(Consideration is the cause of
Promise)
m Proposal and acceptance
m Consideration-lawful consideration with a lawful object
m Capacity of parties to contract-competent parties
m Free Consent
m An agreement must not be expressly declared to be void
m Writing and Registration, if so required by law
m Legal relationship
m Certainty
m Possibility of performance
m Enforceable by law
m WhRD FILE
m j
 








m 

 




 







m