INDIAN CONTRACT ACT , 1872
● Indian Contract Act, 1872 governs Law
relating to Contract in India.
● Act was passed by British India and is based
on the principles of English common law.
● This act is applicable in whole India.
● It was enacted on March 25, 1872.
● This act came into effect from 1st September,
1872 and applies to contact in India.
● It is based on the English Contract, 1856.
● Indian Contract Act, 1873 was drafted by
Indian Law Commission.
● It was enacted to bring uniformity in law
throughout the country.
● The act was enacted to provide legal
framework for business and individuals.
Difference between Agreement and
Contract
Meaning
Agreement
, When proposal is accepted by a person to
whom it's made, with requisite consideration.
Contract
When agreement is enforceable by law.
Elements
Agreement
Offer and Acceptance
Contract
Agreement and Enforceability
Defined in
Agreement
Section 2(e)
Contract
Section 2(h)
● Indian Contract Act, 1872 governs Law
relating to Contract in India.
● Act was passed by British India and is based
on the principles of English common law.
● This act is applicable in whole India.
● It was enacted on March 25, 1872.
● This act came into effect from 1st September,
1872 and applies to contact in India.
● It is based on the English Contract, 1856.
● Indian Contract Act, 1873 was drafted by
Indian Law Commission.
● It was enacted to bring uniformity in law
throughout the country.
● The act was enacted to provide legal
framework for business and individuals.
Difference between Agreement and
Contract
Meaning
Agreement
, When proposal is accepted by a person to
whom it's made, with requisite consideration.
Contract
When agreement is enforceable by law.
Elements
Agreement
Offer and Acceptance
Contract
Agreement and Enforceability
Defined in
Agreement
Section 2(e)
Contract
Section 2(h)
