Professional Documents
Culture Documents
Indian Contract Act 1872: Unit I
Indian Contract Act 1872: Unit I
Unit I
Objective of the Act
• The objective of the Contract Act is to ensure
that the rights and obligations arising out of a
contract are honoured and that legal
remedies are made available to an aggrieved
party against the party failing to honour his
part of agreement. The Indian Contract Act
makes it obligatory that this is done and
compels the defaulters to honour their
commitments.
Extent and Commencement
• It extends to the whole of India except the
State of Jammu and Kashmir
• It came into force on the first day of
September, 1872.