Indian Contract Act 1872
The law relating to contracts in India is contained in Indian Contract Act, 1872. The Act was passed by British India and is based on the principles of English Common Law. It is applicable to the All States of India except the State of Jammu & Kashmir. It determines the circumstances in which promise made by the parties to a contract shall be legally binding on them. All of us enter into a number of contracts everyday knowingly or unknowingly. 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 in India.
Read more about Indian Contract Act 1872: History, Development, Definition, Essential Elements of A Valid Contract, Offer, Acceptance, Lawful Consideration, Competent To Contract, Free Consent, Performance of Contracts, Agency
Famous quotes containing the words indian, contract and/or act:
“The Jew is neither a newcomer nor an alien in this country or on this continent; his Americanism is as original and ancient as that of any race or people with the exception of the American Indian and other aborigines. He came in the caravels of Columbus, and he knocked at the gates of New Amsterdam only thirty-five years after the Pilgrim Fathers stepped ashore on Plymouth Rock.”
—Oscar Solomon Straus (1850–1926)
“The way in which men cling to old institutions after the life has departed out of them, and out of themselves, reminds me of those monkeys which cling by their tails—aye, whose tails contract about the limbs, even the dead limbs, of the forest, and they hang suspended beyond the hunter’s reach long after they are dead. It is of no use to argue with such men. They have not an apprehensive intellect, but merely, as it were a prehensile tail.”
—Henry David Thoreau (1817–1862)
“Faith means belief in something concerning which doubt is still theoretically possible; and as the test of belief is willingness to act, one may say that faith is the readiness to act in a cause the prosperous issue of which is not certified to us in advance.”
—William James (1842–1910)