Contracts
TABLE OF CONTENTS 1. Introduction ……………………………………………………………..2 2. Communication, acceptance and Revocation of Proposals……………...3 3. Communication when complete…………………………………………6 4. Acceptance must be absolute……………………………………………11 5. Acceptance by performing conditions, or receiving consideration……..13 6. Conclusion………………………………………………………………15 7. Bibliography…………………………………………………………….16
INTRODUCTION
Indian Contract Act 1872 is the main source of law regulating contracts in Indian law, as subsequently amended. It determines the circumstances in which promise made by the parties to a contract shall be legally binding on them. All of us enter into a number of contracts everyday knowingly or unknowingly. Each contract creates some right and duties upon the contracting parties. Indian contract deals with the enforcement of these rights and duties upon the parties.
The Indian Contract Act 1872 sections 1-75 came into force on 1st September 1872. It applies to the whole of India except the state of Jammu and Kashmir. It is not a complete and exhaustive law on all types of contracts.
Section 2(h) of the Act defines the term contract as "any agreement enforceable by law". There are two essentials of this act, agreement and enforceability.
Section 2(e) defines agreement as "every promise and every set of promises, forming the consideration for each other."
Again Section 2(b) defines promise in these words: "when the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. Proposal when accepted becomes a promise."
This project mainly deals with communication of acceptance and the position of English and Indian cases in relation to communication of acceptance.
SECTION 3 – COMMUNICATION, ACCEPTANCE AND REVOCATION OF PROPOSALS
The communication of proposals, the acceptance of proposals, and the revocation of proposals and acceptances, respectively, are deemed to be made by an act or omission of the
INTRODUCTION
Indian Contract Act 1872 is the main source of law regulating contracts in Indian law, as subsequently amended. It determines the circumstances in which promise made by the parties to a contract shall be legally binding on them. All of us enter into a number of contracts everyday knowingly or unknowingly. Each contract creates some right and duties upon the contracting parties. Indian contract deals with the enforcement of these rights and duties upon the parties.
The Indian Contract Act 1872 sections 1-75 came into force on 1st September 1872. It applies to the whole of India except the state of Jammu and Kashmir. It is not a complete and exhaustive law on all types of contracts.
Section 2(h) of the Act defines the term contract as "any agreement enforceable by law". There are two essentials of this act, agreement and enforceability.
Section 2(e) defines agreement as "every promise and every set of promises, forming the consideration for each other."
Again Section 2(b) defines promise in these words: "when the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. Proposal when accepted becomes a promise."
This project mainly deals with communication of acceptance and the position of English and Indian cases in relation to communication of acceptance.
SECTION 3 – COMMUNICATION, ACCEPTANCE AND REVOCATION OF PROPOSALS
The communication of proposals, the acceptance of proposals, and the revocation of proposals and acceptances, respectively, are deemed to be made by an act or omission of the
Bibliography: * Mulla The Indian Contract Act 12th edition by G.C.Barukha * Anson’s Law of Contract