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Law of Contract

Law of Contract

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Published by Utkarsh Sethi

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Published by: Utkarsh Sethi on Apr 18, 2010
Copyright:Attribution Non-commercial

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09/22/2010

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Law of Contract
 
INTRODU
C
TION
Law of contract is the foundation on which thestructure of modern business is built.
I
t is common practice that in business transactionsquite often promises are made at one time and theexecution follows later.
I
n such situation if either of the parties are let free togo back on its promise without incurring any liability,there would be endless complications and it would beimpossible to carry on trade and commerce.
Hence the law of contract was enacted which lays downthe legal rules relating to promises, their formulation,their performance and their enforceability.
 
INDIAN
C
ONTRA 
C
T
 
 A 
C
T
, 1872
y
T
he law of contract in
I
ndia is contained in
I
ndian Contract
 A 
ct, 1872.
y
I
t extends to whole of 
I
ndia except J&K and cameinto force on 1
st
September,1872
y
T
he branch of law which determines thecircumstances in which promises are made by the parties to a contract shall be legally bindingon them.
y
lso it defines the remedies that are availablethrough court against a person who fails toperform his contract, and prescribes conditionsunder which remedies are available.

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