Unit I 

Introduction to Indian Contract Act, 1872 

The Indian Contract act 1872 falls under the ambit of mercantile laws (Business Laws). It came enforced on 1 September 1872. It is private law. Its basis is English common law, but it was passed in the Indian Parliament, which is Calcutta Parliament. 

It contains XI Chapters, but Chapter VII  Sale of Goods and Chapter XI  Partnership was repealed, the Sale of goods was repealed in 1930, and the partnership was in 1932. It became an independent act after repealing it from its parent act, that is Indian Contract Act 1872. It becomes imperative to study the Contract act, as today in the market sector all the dealings are made through contract. 

It covers various aspects in a much broader sense such as it describes what is an offer, acceptance, essentials of contract, valid consideration, voidable agreements, quasi-contracts, damages under Indian contract act 1872. Apart from it covers Contract of Indemnity, Guarantee, bailment, pledge and Agency…….

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