1

The Indian Contract Act 1872: Nature and Kind of Contracts

Learning Objectives

In this chapter, students will come to know

  • What is an agreement and a contract?

  • What are the essential elements of a contract?

  • Types of contracts.

1.1 SCOPE OF THE ACT

The Indian Contract Act was passed and implemented to control various kinds of commercial and business contracts. The preamble of the Contract Act states where it is expedient to define and amend certain parts of the law relating to contracts. Therefore, this act is not a complete code of contracts. It deals with general principles of the Law of Contract and Special Contract. The Contract Act is divided into 10 chapters.

The Contract Act came into force on 1 September 1872. The act is applicable ...

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