What is the Contract Act 1982?
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What is the Contract Act 1982?
The Act is based on the principles of English Common Law. It is applicable to all the states of India. It determines the circumstances in which promises made by the parties to a contract shall be legally binding. Under Section 2(h), the Indian Contract Act defines a contract as an agreement which is enforceable by law.
What is contract law PPT?
Contract Act Definition of Contract u/s 2(h) “An agreement enforceable by law is a Contract.” 5. Enforceability: An agreement is enforceable if it is recognized by court. In order to be enforceable by law, the agreement must create legal obligations between the parties.
What is Contract Act Slideshare?
2(h), a contract is defined as an agreement enforceable by law. AGREEMENT – According to sec. 2(e), every promise and every set of promises forming consideration for each other. Consideration is the return benefit the parties to the contract get. Agreement = Offer + Acceptance PROMISE – According to sec.
What do you mean by Contract Act?
Contract Act defines a Contract as “An agreement which is enforceable by Law”[i]. An Agreement is a settlement between two parties, which contains obligations or promises which both parties need to fulfil. When such an agreement is made binding by Law it becomes a Contract.
What are the elements of a contract?
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, element of consideration can be satisfied by a valid substitute.
What is the objective of Contract Act?
The objective of the Contract Act is to ensure that the rights and obligations arising out of a contract are honored and that legal remedies are made available to those who are affected. According to Indian Contract Act, 1872 Section 1, this Act may be called the Indian Contract Act, 1872.
What are the 2 types of contracts?
Contract type is a term used to signify differences in contract structure or form, including compensation arrangements and amount of risk (either to the government or to the contractor). Federal government contracts are commonly divided into two main types, fixed-price and cost-reimbursement.
