CA foundation Business Law Contract Act Unit 8 Bailment and Pledge Handwritten Notes

Business Laws Notes and Lectures, Chapter 2: The Indian Contract Act, 1872, Paper-2: Business Laws Leave a comment

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The Indian Contract Act, 1872 prescribes the law relating to contracts in India and is the key act regulating Indian contract law.

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 enforceable by Law

Development and Structure

The Act was enacted on 25 April 1872 and commenced on 1 September 1872. The Act as enacted originally had 266 Sections, divided into 11 chapters

  • General Principles of Law of Contract – Sections 01 to 75 (Chapter 1 to 6)
  • Contract relating to Sale of (Chapter 8 to 10)
  • Contracts relating to Partnership – Sections 239 to 266 (Chapter 11)

Later, sections of Chapter 7 and 11 were repealed, as they became part of separate legislations namely, Sale of Goods Act, 1930 and Indian Partnership Act, 1932.

At present the Indian Contract Act may be divided into two parts:

  • Part 1: General Principles of Law of Contract – Sections 1 to 75 (Chapter 1 to 6)
  • Part 2: Deals with Special kinds of Contracts such as
    • Contract of Indemnity and Guarantee (Chapter 8)
    • Contract of Bailment and Pledge (Chapter 9)
    • Contract of Agency. (Chapter 10)
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