Harsh Yogiraj

The Indian Contract Act brings within its ambit the contractual rights that have been granted to the citizens of India. It endows rights, duties and obligations on the contracting parties to help them to successfully conclude business- from everyday life transactions to evidencing the businesses of multi-national companies. The Indian Contract Act, 1872 was enacted on 25th April, 1872 and subsequently came into force on the first day of September 1872. The essence of the India Contract Act has been modeled on that of the English Common Law. It is one of the most important legislation ever drafted by Britishers and the principles enacted therein are nothing but the codification of the general principle governing transactional relationship because of which it has seen seldom amendments. Before the act was enacted , the contractual relationship was governed by the personal laws of different religious communities like different laws for Hindu and Muslims. Now, to understand the con...

Preamble —WHEREAS it is expedient to define and amend certain parts of the law relating to contracts; It is hereby enacted as follows:— PRELIMINARY 1. Short title. —This Act may be called the Indian Contract Act, 1872. Extent, Commencement. —It extends to the whole of India 2[ 3***]; and it shall come into force on the first day of September, 1872. Saving —4*** Nothing herein contained shall affect the provisions of any Statute, Act or Regulation not hereby expressly repealed, nor any usage or custom of trade, nor any incident of any contract, not inconsistent with the provisions of this Act. Law of contract is the most important and basic part of Mercantile law. It is the foundation for many other laws falling in the category of mercantile laws. It is not only the mercantile or trader but every person who lives in the organised society, consciously or unconsciously enters into contract from sunrise to sunset. When a person hires a taxi, or orders something in ...