INDIAN CONTRACT ACT 1872

INDIAN CONTRACT ACT
"Indian Contract Act 1872 is the main source of law regulating contracts in India".

INTRODUCTION:-
It is the central government law which is applicable to all business organization for forming various valid contracts. It is a pre-independence Act passed by British Government on 7 September, 1871. It is based on English Common Law which passed a draft for India in 1865 for the business. This law create valid contract with different essentials of the contract. The performance and discharge of the contract is known by business executive with the help of this law. In case of the Breach of Contract, Various legal contract was available to pay the compensation to the affected party. This Indian Contract consists of total 75 Section.
APPLICABILITY OF THE LAW:-
As it is a Central Government Law, this law is applicable to all state of India including Union territories but except Jammu & Kashmir. This law is applicable to all the factory, mines, plantation, ports, oil fields, railways and different industrial establishments. It is applicable to all commercial establishment like Academic Institute, Hotels, Cinemas, Bars, Consultants, Petrol pumps, Shops, etc.
OBJECTIVES OF THE LAW:-
● With the help of this law legal agreement/contract can be prepared in business by the business executive.
● With the help of various essential elements the valid contract are prepared and executed.
● This law creates the legal obligations on both the parties at the contract and they are supposed to honour that.
● For the Breach of Contract the legal remedies are available to pay the compensation to the affected parties.

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