The Indian Contract Act 1872 is the main act governing all aspects of contracts in India. Its basic principles are based on the English Common Law. It deals with the formation of a contract, types of contracts, parties to a contract, consideration etc. Let us take a look.
- Capacity to Contract
- Free Consent
- Mistake of Law and Mistake of Fact
- Legality of Object and Consideration
- Expressly Void Agreement
- Who performs the Contract?
- Time and Place of Performance of Contract
- Performance of Reciprocal Promise
- Discharge of a Contract
- Anticipatory and Actual Breach of Contract
- Suit for Damages
- Liquidated Damages and Penalty
- Contingent Contracts
- Quasi Contract