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History:
Prior to the enactment of the Indian Contract Act, 1872…. there was no codified law governing contracts in India
In 1726,
The English law applied for presidency town by charter granted by King George-I to the East India Company
In 1781,
The Act of Settlement was passed by the British government which says,
In 1861 to 1866,
The Third law commission of British India formed in 1861 under the stewardship of chairman Sir John Romilly, with initial members as Sir Edward Ryan, R. Lowe,
J.M. Macleod, Sir W. Erle ( Succeeded by Sir, W .M. James ) and justice Wills ( succeeded by J. Henderson ) , had presented the report on contract law for India as
Draft Contract law
In 1872,
The Indian Contract Act was passed by British India
It is based on the principles of English common law.
In 1930
A separate Act on the Sale of Goods was passed.
So, The sections from 76 to 123 of “The Indian Contract Act” was Repealed
In 1932
The Indian Partnership Act was passed.
So, The sections from 239 to 266 of “The Indian Contract Act” was Repealed
At present
The Indian Contract Act may be divided into two parts as below
Foot notes:
Charter: A document, issued by a sovereign or state, outlining the conditions under which a corporation, colony, city, or other corporate body is organized, and
defining its rights and privileges
Presidency town: The Provinces of India, earlier Presidencies of British India and still earlier, Presidency towns, were the administrative divisions of British
governance in India. Collectively, they were called British India
Formation of Contract:
The essential elements are defined in section 2 of Indian contract act 1872 as below
Offer 2(a):
When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or
abstinence, he is said to make a proposal.
Acceptance 2(b):
When the person to whom the proposal is made, signifies his assent there to, the proposal is said to be accepted.
Promise 2(b):
A Proposal when accepted becomes a promise. In simple words, when an offer is accepted it becomes promise
Consideration 2(d):
When at the desire of the promisor, the promisee or any other person has done or abstained from doing or does or abstains from doing or promises to do or to
abstain from doing something such act or abstinence or promise is called a consideration for the promise. Price paid by one party for the promise of the other
Technical word meaning QUID-PRO-QUO i.e. something in return
Agreement 2(e):
Every promise and set of promises forming the consideration for each other. In short,
Agreement=promise + consideration.
Contract 2(h):
An agreement enforceable by Law is a contract.
Therefore, there must be an agreement and it should be enforceable by law
Agreement and Contract:
Refer Excel sheet
Definitions:
Refer Excel sheet
Syllabus