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The Indian Contract Act, 1872
The Indian Contract Act, 1872
ACT-1872
HISTORY OF INDIAN CONTRACT
ACT - 1872
Enforced w.e.f. September 1, 1872.
Applicable to whole of INDIA except
J&K
Concerned with rights in PERSONAM
An Agreement
It involves proposal or offer by one party and acceptance of the
same by the other party.
Minor
Persons of unsound mind
Persons disqualified by law to which they are subject
Lawful object
if forbidden by law
of such nature that if permitted it would defeat the provisions of
any law
Elements of a valid
contract
fraudulent
involves injury to person or property
Court regards it immoral or opposed to public policy
Certainity of meaning
Possibility of performance
Legal formalities
CLASSIFICATION OF CONTRACTS