The Indian Contract Act is one of the oldest mercantile laws of our country. It came into effect on the 1st of September 1872 and is applicable to the whole of India with the exception of Jammu & Kashmir. Containing a total of 266 sections it is the principal law regulating contracts in India. Let us see some important aspects related to it.
- Rights Available to Parties
- What is a Contract?
- Essentials of a Contract
- Types of Contract – Based on Validity
- Types of Contract – Based on Formation
- Types of Contract – Based on Performance
- Proposal/Offer
- Acceptance
- Communication of Offer and Acceptance and Revocation of Offer
- Legal Rules Regarding Consideration
- The doctrine of Privity of Contract
- Agreements without Consideration
- 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
- Remedies for Breach of Contract
- Suit for Damages
- Liquidated Damages and Penalty
- Contingent Contracts
- Quasi Contract
- Agreement with Minor
- Contract of Indemnity
- Contract of Guarantee
- Rights and Discharge of Surety
- Contract of Bailment and Pledge
- Duties of Bailee and Bailor
- Rights of Pawnee and Pawnor
- Creation of Agency
- Classes of Agents
- Rights and Duties of Agents
- Responsibilities of Principal to Third-parties
- Termination of Agency